We Incurred the Debt So We Think We Must Pay It Off. – Kelli

“Dear Steve,

Decent credit with too much debt..need to know the best option for getting out of debt.

My husband and I have accumulated about $40,000 in credit card debt, and while we are able to keep up the minimum payments for now I don’t see us being able to in the future.

We want to get out of debt with only one payment to pay; but, most debt consolidation companies and the such will not even consider us unless we are at least 30 days behind… this makes no sense to me…help people before they get in trouble then there won’t be any reason to file bankruptcy and such.

We really don’t know which way is best. We incurred the debt so it’s not like we are trying to get out of it, just make the payments more managable..I’ve talk with the creditors about lower interest rates but they tell me there is nothing right now they can do…so do I just stop paying them and then they will set something in motion lol.



Dear Kelli,

So you incurred the debt and want to pay it. At what cost? Are you willing to default on the payment, face collection calls, potentially being sued over the debt, and maybe even a judgment or wage garnishment?

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

And are you onboard with turning your attention towards your debt for the next five years and sacrificing significant retirement income to do that?

Just because making a decision to deal with this debt might be hard to do, does not mean it is wrong.

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.

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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