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Lisa is Over Her Credit Limit, Unable to Pay the Minimum Payment, and Thinking of Bankruptcy

“Dear Steve,

I am unable to make my minimum payment on my only credit card therefore, not only has my interest gone through the roof I am now over my credit limit.

I don’t want to file for bankruptcy. What are my options to get this under control and get my credit card paid off?


Dear Lisa,

There is no reason you have to file for bankruptcy if you don’t want to. However, your options to dig yourself out of this hole are limited.

The most obvious one would be to increase your income or lower your expenses to free up enough money to make at least your minimum payment.

As long as your situation continues without intervention then the massively high interest rates and overlimit fees are only going to run your debt up.

Your two best chances of trying to bring the situation under control without bankruptcy at this point would be to call the collection departments at your credit card companies and ask what special internal programs they might be able to offer you to help you out.

If you would rather have someone else do the work and extend special creditor terms to you then contact a debt management company (click here) and ask for help.

Bankruptcy is always a legal options for you and even though you don’t want to go bankrupt I think you owe it to yourself to talk to a bankruptcy attorney to understand all your options. Only then will you have enough information to make a good choice about what solution will meet your needs and situation.

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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.

1 Comment

  • Lisa, with just one card you can probably get it paid off with work. The main thing is to not let it happen again.

    I hope the lessons of this economic meltdown are not lost on consumers. We can’t continue to be lead like sheep to the slaughter by greedy banks out after shortterm profits and by a culture that encourages us to spend money we don’t have on things we can’t afford. Sure, we are also to blame, but only because we have let uourselves be seduced and suckered.

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