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What Do You Do When Your Creditors and Credit Counselors Say There Isn’t Anything They Can Do to Help? – Elle

Elle

“Dear Steve,

What do you do when the credit card company and the credit counselors say they can’t do anything to help? I have a solid income, good credit score and have racked up $37,000 worth of unsecured debt. I called Bank of America to ask for a lower interest rate, I’m paying 18.99%, 21.99% on two cards. Credit counselors flat out told me there was nothing they could do because I haven’t been late or missed any payments. My last resort is to file for bankruptcy but what will the courts do?

Is there any other option?

Elle”

Dear Elle,

First off, I would get a second opinion with a debt management company about being put into a debt management program because you are on the edge of falling behind. I’m surprised you’ve been turned away by credit counselors. It is a common situation and a no-brainer just to plop you on a DMP. Click here for debt management information.

Your other option before considering bankruptcy would be to actually skip a couple of payments. I know that sounds ridiculous and it will hurt your credit but it is a fact that creditors offer more lenient repayment options when people have proven they can’t pay the bills.

Before you go bankrupt, fall behind and see what’s offered.

Sincerly,
Steve

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.

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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.

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