Ask The Get Out of Debt Experts

We Have No Money Left Over to Pay Our Bills And We Are Only in Our Early Twenties. – Dona


“Dear Steve,

My husband and I (23yrs and 20 yrs) have a total of about 40,000 dollars in credit card debt and school loans. I’d say a little more than half of that is in school loans for educations we couldnt afford to finish. and the other half is credit debt. between the 2 of us we make about 2300 a month and 1100 of that goes to rent. we can barely manage to make minimun payments on the cards and often because there are so many due dates to remember(we have about 7 cards) a few get paid late. on top of the cards and loans we are paying a cell phone bill, gas and electricity, water and trash, and then of course food and gas money. we also owe my parents an additional 800 for various expenses.

What can we do to eliminate our debt quickly so that all the interest doesnt keep adding up? is it possible to get one giant loan or to consolidate all of our payments into one?


Dear Dona,

I previously wrote an article that I think is right on target for your question. Read “Is Going to College Really a Smart Financial Move?

Student loans have concerned me for quite some time. People take them out as if they are a blind good debt but unless you finished school and got your degree then the only thing you are left with is a huge debt time bomb. It surprised me when I heard a story on the radio that said only 34% of people that started school using student loans, finished with a degree. And of all the types of debt the two worst ones that you don’t want to have are to owe the IRS or student loans.

Seriously, the best legal tool for eliminating your debt quickly without additional interest is bankruptcy. If there were other legal tools that allowed you to pay off your debts without interest in a monthly payment approach that your creditors were legally obligated to participate in, I’d tell you about it. There isn’t. So don’t get the wrong impression that I am mentioning bankruptcy because I think it is fun to walk away from your debts, it’s not.

You need to go discuss your situation with a local bankruptcy attorney. You can click here for a free bankruptcy consultation. You need to do this.

Once you eliminate your credit card debt you can begin to address your student loan debt. For the most part it can’t be discharged with a simple bankruptcy. The Department of Education does offer some programs to help people repay their debt. My favorite is the ICRP, read this past article for more information about available repayment plans.

You are both still young, with a long and happy life ahead of you. Step up, address your debt situation. learn from your mistakes and dig your way out of your student loan debt. once you do that, your life will become a whole lot more fun.


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.

READ  I've Heard About Companies That Can Drastically Reduce Your Debt. Is That True? - Drew

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.

Leave a Comment

Scroll to Top