I’m Losing Ground Every Month by Paying More Than I Can Afford. – Tom

“Dear Steve,

I’m about $20,000 in debt just in credit cards and i’m losing ground eath month. I’m paying more per month than I can afford. What is my best option to lower and pay off these cards without ruining my credit?


Dear Tom,

Your best option would be to either pay more than the minimum payment due each month, pay off the balance in full or get an unsecured debt consolidation loan and pay off the balance but now pay the debt consolidation loan.

But if you are struggling to pay the minimum payment every month then your priorities need to change from protecting your credit to dealing with the debt first. Credit can always be rebuilt.

I’ve seen so many people make stupid decisions on dealing with their debt because they were afraid of “ruining” their credit.

If you can’t manage to save money each month and are struggling to make your minimum payment then you are most likely looking at some type of intervention that will impact you credit.

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.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.

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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