I Have Several Credit Cards That I Haven’t Been Able to Pay On. – David

“Dear Steve,

I have several credit cards that I haven’t been able to pay on, I am currently paying on one of them, Im just now starting to get calls from lawyers for collection. My wife and I also have a time share that we havent been able to use let alone afford, we havent made payments on that either.

How can I possibly recover from this mess?


Dear David,

It seems senseless to pay on one credit card and not the others. That certainly does not address the bigger problem of you not being able to meet your obligations. You can’t be selective about paying one over others. It’s like favoring the right wing of a crashing plane. That does not stop the plane from going down.

If you take no action then you will wind up with more aggressive collections and potentially getting sued. You should expect to lose the timeshare as well. And there is certainly nothing that requires you to file for bankruptcy protection, you are allowed to stay on your current path but that doesn’t seem to be working too well for you.

In order to meet your obligations you will either need to increase income, reduce expenses, or a combination of both to allow you to have access to sufficient money each month to meet your obligations. If you had nearly enough money you could then think about a solution like a debt management program.

But as long as the financial altimeter is winding down towards impact with the ground you will either need to be mentally prepared to continue with the collection path or seek protection in bankruptcy. I would suggest that you schedule an appointment with a local bankruptcy attorney, you can click here for a free bankruptcy consultation. Meeting with a bankruptcy attorney does not mean that you will file bankruptcy. Meeting with a bankruptcy attorney simply helps to educate yourself about that option so you can make a better and more informed decision about how you want to proceed.

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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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