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We Can’t Ever Get Caught Up In This Financial Mess. Should We Consider Debt Settlement? – Nathalie

“Dear Damon,

I lost my job 4 years ago, my son graduated at the the time and is still looking for a real job, so we have more expenses (helping my son to survive, rent, food car..) and less income. We are 4 people living on one salary. On top of that we had to face emergencies after emergencies so we had to use more our credit cards and now the situation is impossible. After we pay the rent and the minimum amount for each card there is nothing left to eat or to pay other bills.

What is the best way of getting out the mess? I have been thinking for a long time about debt settlement, but I am afraid of going with a scam and then being in a worse situation.


Hello Nathalie,

Given your cash flow situation, it sounds like a bankruptcy might be a better solution than a settlement. Of course I don’t know any details about your situation so I can’t tell you specifically what you should do, but I would schedule a free consultation with a bankruptcy attorney just to explore that route.

If you are looking at debt settlement, a general ball park is that you will need to have the ability to save up around half of what you currently owe over a 1 or 2 year period.

You should explore bankruptcy as well as settlement to see which one will make the most sense. If you determine that a settlement is better after researching both, let me know and I will point you in the direction of a few companies that I trust.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at

If you have a debt related question you’d like to ask, just use the online form.

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About Damon Day

Damon Day
Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at

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