Ask The Get Out of Debt Experts How To Get Out Of Debt

American Debt Foundation Was Suggested to Me By My Credit Union But I’m Not Sure. – Dorothy

“Dear Steve,

Lost my job in 2003 and put everything on credit cards. Single mom, last daughter turns 18 in July meaning child support of $535/mo will end, she will be attending Va Tech in the Fall, still owe $34,500 in credit card debt and now over $57,000 in student loans (yes, mine, not my children’s).

Home is on the market so I can pay off debt but it hasn’t sold.

Been moving balances to 0% cards for years.

Talked with a lady at the credit union today and, by chance, she mentioned American Debt Foundation, which made me start looking online. Some good comments, some negative. Not sure if I should go that route.

What should I do? Debt settlement or continue making payments?



Dear Dorothy,

Let’s start with the basics.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

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?


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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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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