Mehdi
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“Dear Steve,
I’m about $90,000 in credit card debt and can’t afford to pay them. I’m willing to pay what I can but the economy has really hurt my business.
What can I do to lower my monthly payments significantly?
Mehdi”
Dear Mehdi,
Sadly the reality is that you just simply might not be able to afford to continue to pay your debts or to continue your business.
I would argue that if your business has been relying upon the credit cards to help make ends meet, that it has not been profitable for a while now and that the ship is taking on more water than you are able to bail out, you are sinking.
The only two ways to deal with this situation, to stick with the nautical theme, is to plug the leak and begin to reduce the water level or abandon ship and swim for safety.
The cold truth is that your business may no longer be able to support you and bankruptcy might be in your future. While a credit counseling program might be able to allow you to go back to what your regular monthly payments were before you fell behind. It is unlikely that a debt management program will significantly reduce your monthly payments. If you want to check and see exactly what your payments would be in a credit counseling program, click here for credit counseling information.
Facing the truth of defeat is tough. It hurts. It’s hard to do. But rather than focus on the failure of things now beyond your control, it might be time to focus your energy and efforts into what you can do to make the future brighter.
While the old boat may have sunk, what can you now to do build a new and better boat?
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