“Dear Steve,
I found you from doing some research on Credit Arbitrators, a company that has been mailing me their literature. I have been stressing out over my credit card debt for several years now. I can only afford the minimum payments and as a substitute teacher, it is becoming more and more difficult as the minimum payments get higher.
I am writing you because I do not want to declare bankruptcy and I need a sense of direction and hope for getting out of debt. I watched your interview with Gerri Detweiler and saw the video of your bankruptcy story (with with wife).
I am not sure if i need to sign up with a debt settlement company (like Credit Arbitrators), explore bankruptcy options, etc. I know there are options for me. I am 47 years old, single, no kids and i worry about not having enough saved up for retirement.
Any suggestions or advice would be greatly appreciated! Ineed to have a path and a plan for improving my financial situation. My current strategy I would describe as “Do Nothing.” It’s not working. Thank you very much and i look forward to hearing from you. Thank you kindly.
I am not sure what my question is, Steve. I guess it would be: How do I get out of credit card debt? (I have 25K in debt), and strart feeling hopeful about my financial future. What are my options? and do I need to consider bankruptcy as an option? When i think about how much my debt is, I feel very hopeless and depressed. thanks.
John”
Dear John,
Well first let’s start with your options. You can use the online How to Get Out of Debt Calculator to compare your major options.
I always think that no matter which final option people may select to tackle their debt problem that talking to a local bankruptcy attorney is always a good idea. At the very least you’ll understand what bankruptcy would mean for you and then you can use that information to make an informed decision.
Poke around a bit and talk to a local bankruptcy attorney and then come back and update me 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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