I Have 16 Credit Cards, Out of Work and Living With Toxic Mold. – Jennifer

“Dear Steve,

I have about 16 credit cards that have a revolving balance for a while now (around 2-3 years or more on some.) and I’m in a situation now where I’m out of work and had to evacuate my home because of a toxic mold issue.

Even when I was working I never made enough money to pay more than minimum payments to my credit cards being that I have so many to pay monthly aside from my car payment/insurance, condo maintenance etc.

So at this particular moment I’m out of work and down to my last $100. in my bank account. I do not know were I’m going to come up with at least my minimum so I’m getting very stressed at this point.

I was thinking to close my accounts and explain my situation since I do want to avoid incurring late fees but I’m not sure if that is a wise decision or not. I do see alot of debt relief companies but do not read the greatest things about them so I’m unsure what to do.

Well since you’ve read my background information do you have any suggestions what my next step should be as far as my 16 credit cards are concerned?


Dear Jennifer,

I suspect one of the uses of so many cards was juggling cards to help make ends meet. Since you are now out of work and there is no current expectation you will be able to sustain a repayment plan over a number of years, the most likely current solution would be for you to click here to find a local bankruptcy attorney and schedule a free consultation with them.

Closing the accounts and explaining your situation isn’t going to get you anywhere. The minute you can’t make the minimum payments it starts a ball rolling and with so many cards and creditors the pressure will soon become huge in a couple of months. No matter what you say at this point, a default will trigger penalty interest rates, and fees. The balances will grow.

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You can use the free How to Get Out of Debt Calculator to review your other options.

Our focus now needs to be to get you back earning money again as soon as possible.

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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Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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