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I’m So Embarrassed About My Debt. – Patty

By on March 18, 2013

“Dear Steve,

I’m scared about being scammed also, I can’t seem to save any money. I’m just too tired to keep from worrying all the time.

To be very honest. We have a credit score of 760. I’m paying credit cards and no money left over so I keep the same pattern. Pay amount due and then have to charge groceries. I’m so embarrassed.

The total unsecured debt I hope you can keep your seat. 54,000.00. I ‘m sick of paying over 1,000.00 and see no end. I’m making all the payments but, not doing anything else for emergency. I”m flipping promotional offers to one to another and fees associated with that. I can handle a payment but, I can’t do that for the next 47 years with no way to save or stop the process.

It appears a debt consolidation loan is our best option? Do you agree with the background info I gave you. Can I get a loan for that amount? I just want to do the right thing. I just need some help . Thank you.

Patty”

Lifestyle choices.

Dear Patty,

You are in a vicious circle. You have to decide which is more important to chase, a credit score or a better life.

Right now you are in the creditor sweet spot. You are making the minimum payments and making them the most interest.

Based on what you shared, you will soon reach a tipping point where you will no longer be able to afford the minimum payments as the balances increase by charging more and more necessities to get by.

While debt consolidation loans are available through groups like LendingClub.com, the limits on those loans is typically in the $30,000 range.

But there is no indication a debt consolidation loan is the way out in your case. Since it will not consolidate all of your debt I wonder if it would provide you with enough breathing room to get back on track and living within your income.

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If not, then it would not be a smart move.

The goal here is to regroup your financial life, get you living again within your income, saving each month and putting money away for retirement.

We need to eliminate your constant fear, reduce your stress, get you back to enjoying life, and saving money.

Based on what you’ve shared it seems far more logical to consider bankruptcy as a way to rapidly intervene in your debt and get you back on track to do better moving forward.

You can click here to find a local bankruptcy attorney and talk to them for free about your specific situation. Get the facts and then you can make an informed and educated decision if bankruptcy is right for you.

If you want to look at the broader array of options 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.

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About 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.

2 Comments

  1. Travis Pizel

    March 18, 2013 at 2:54 pm

    It should also be noted that there are other debt relief options besides a consolidation loan and bankruptcy. I encourage you to explore and educate yourself on ALL your debt relief options (including debt management and debt settlement) before choosing your path.

    • Steve Rhode

      March 18, 2013 at 4:05 pm

      Yes, the debt calculator I linked to for her runs through all the options.

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