My husband and I are both working everyday– with No days off– we are JUST PAYING our maxed out credit card bills– $45,000– + –mortgage on our house–$122,000– home equity $42,000-etc.- the bills never go away– they keep getting bigger– and we do not even use them anymore– late fees, CRAZY interest, etc.
I am in a bad situation– PLEASE help– what should I do– I want to pay the bills, but I have been late with a couple– and now my credit is– so– LOW- now–Can I do debt settlement? is it too late for credit consolidation? I mentioned bankruptcy to my husband a couple of months ago– and now he is considering thinking about it–would that affect our house ownership– jobs–he is in the military and I am a nurse–Will debt settlement be better–Please recommend a good company-
First, let me ease your mind. There is a safe way through this mess. At this point we need to evaluate a number of factors to get you headed down the right path. One of those factors is the level of debt you have. And while that’s important, it’s not the most important one for me.
No, for me, the most important factor is your life from this day forward. I’d love to tell you that the prognosis is great for you digging out of a maxed out overworked mess, but honestly it’s not. The likelihood of you being able to keep up this pace for the next five years is not a reasonable expectation.
All it will take is one deployment, one temporary duty assignment, one blown engine, or surprise medical bills to sink good ship Get Out of Debt.
At this point we need to set our sites on doing better moving forward and not on emotional regret for potential past mistakes.
Here is what I want you to do.
- You and your husband need to read How to Get Out of Debt. The Honest and Unvarnished Truth.
- You need to click here to find a local bankruptcy attorney.
- You need to understand the realities of bankruptcy and military service.
- Once you decide you are able for a legal fresh start under bankruptcy you should then use that second chance to do things different.
- Open a savings account and start saving money easy money to protect yourself from future financial surprises.
- Start rebuilding your credit and prepare for a better and more affordable financial future.
You can continue the path you are down but if your computer was running slower and slower and it did not look like it was going to get better you know what you’d do, reboot.
You need to reboot your financial life and learn from perfectly good mistakes.
It will be fine, you’ll do better and the future will brighten again.
Do me a favor, once you get through this mess, please take yourselves out on a date and remember how good life can be. The debt part sucks.
Please post your responses and follow-up messages to me on this in the comments section below.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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