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What is My Best Course of Action? – Patricia

Hi Steve, I closed a retail store in October 2004. I settled my debts the best I could but my credit score took a hit.

These last few years I (who will be 52 in May) have been partially employed, underemployed and unemployed resulting in our personal credit card debt escalating.

My husband (who will be 74 in April) has two Capital One credit cards totaling $25,000. Jointly we have a Chase card with $13,600. In mid October I was fortunate to start work as a contract Landman. My current income is good: landman salary, social security plus an hourly part-time position by my husband. However our monthly bills are very high which include normal stuff plus medical bills. I have nearly paid off the medical bills.

Our interest rate with Chase is 22% and I have been paying them (min +) since Nov. I have not paid the Capital One cards and are now 60 days delinquent. I simply did not have enough cash to cover all of our expenses. The landman portion of our income is paid when the client pays and can be 30 days out…

I am not sure what is the best course of action. We have two daughters, one of who will be going to College next fall (then another in 2 years). How should I handle my husband’s $25,000 debt?

Our credit scores are in the low 600’s at this point and I want to raise them.

Since my work is contract I can’t be sure of how long this will last. Any suggestions?



Dear Patricia,

I have to admit I’d never heard of a Landman before so I went and looked it up. Sounds like an interesting occupation where you get to meet a lot of people. Could possibly be really fun.

Let’s start with the basics.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth. It will give you a great overview of what we need to deal with to get you moving in the right direction.

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Then use the free How to Get Out of Debt Calculator to review your options.

After that, come back here and comment about what seems to make the most sense and let’s discuss that.

Does that sound like a reasonable approach?


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.

About the author

Steve Rhode

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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