I’m a CPA But Feel Trapped in Credit Card Debt. I Want This Monkey Off My Back! – Renee

“Dear Steve,

I am a CPA, have been one for several years (one main reason it makes it hard to ask for help). I have a great job, and just got a promotion. When I reclocate- I will be making approximately $75k (gross) a year. My husband is self employed and for the past two years, his income has decreased tremendously. He now makes about $12-14k a year (net). We have managed with the decrease, but have racked up $55k in credit card debts.

We are solvent, we have never been late on any mortgage, credit card, student loan, payments ever. Our credit scores are approximately 730-750. We have three properties, which will all be rented when we relocate.

We lose approx. $340/month on one property, but we generate approx. $775/month on the other two properties. We have one car payment of $400 and it will be paid off next year.

So the main source of contention is the Credit Card debt, our minimum monthly payments add up to $1,030/month. If it weren’t for these- I would feel so FREE, but I only feel trapped. I have one card $25k on 0% til October next year; and the other debt interest rate averages 14%. I feel like when the 0% is over; it will all come crashing down if I can’t get the balance paid off! I have prepared a debt payment schedule with paying $1500 ($500 more per month) and I hope I can stick to this.

Since I have good credit and I have always paid my bills on time; what is the best option for me as far as “Debt Elimination”? In other words, how can I get this credit card “monkey off my back”?


Dear Renee,

I completely understand the “hard to ask for help” aspect. But this is why I make this process anonymous so people don’t need to be afraid.

It’s interesting that you say you’ve managed with the decrease but I would submit the $55k in credit card debt was the deficit you actually incurred and that landed on the cards.

Thanks to your question I got to go out and look for monkey pictures to buy to include in this post. There you have it. And now I have one for the next “monkey on my back” question.

See also  CPA Pleads Guilty In Connection With $670 Million Fraud Scheme

For me the issue here is if you can survive after your relocation with your current income, your husband’s income and be able to pay down the debt at the same time as continuing to save money each month.

I’m not certain how much intervention you need to start pumping out the bilges of this debt logged ship.

If you can easily make ends meet and pay down the debt then something like an unsecured debt consolidation loan from LendingClub.com or Prosper.com might make perfect numerical sense. It would allow you to payoff your higher interest rate debt at a potentially lower interest rate and give you that breathing room you are looking for.

Two things to keep in mind if you go that route. The first is that if you do apply for a LendingClub.com loan and it is accepted, let me know what your loan number is an I will help to fund it. I try to help out my readers as much as possible.

The second is that the unsecured debt consolidation route can have the most positive impact of any debt intervention approach. If you get the loan and pay off old cards, don’t close those cards. The long credit history will help to shore up your score. The loan will be reported to the credit bureaus and your good payment history will help.

The truth is that unless we do something here, you will continue to slip down this slope and before you know it, will start tapping savings and other cash just to try and get by. When that happens and your credit score begins to drop, we’ll have fewer good options to deal with the situation.

But let’s look at other intervention options as well.

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.

See also  Florida's Foreclosure Solution Specialists Operators Charged With Fraud

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.

Since your situation appears to be somewhere in uncertain waters, I think it would be smart to consider contacting Damon Day and setting up a phone consultation to run through your specific situation and options.

The goal here is we need a solution that balances both your job and circumstances as a financial professional and the honest reality of the situation.

The good news here is that there is a solution once we narrow down your situation following the move.

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.

Do you have a question you'd like to ask me for free? Go ahead and click here.
Damon Day - Pro Debt Coach

Follow Me
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.
Steve Rhode
Follow Me

Leave a Comment