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I Owe $200,000 on Credit Cards. – Richard

“Dear Steve,

I’m currently way over extended with credit card debt, to the tune of $200,000. Can credit card collectors (amex, discover, visa) attach wages? Is my 401K account safe? Can they attach my checking account?

Can credit card collectors (amex, discover, visa) attach wages? Is my 401K account safe? Can they attach my checking account?



Dear Richard,

While you did not give me a lot of information about your situation, I can tell you that the things that you did share are normally uttered by someone that is already in big trouble with their debt and creditors.

I would bet that you are not current on your debts now, that you’ve been struggling to stay current, that you may have borrowed from one card to pay some others, and that creditors are demanding money you can’t pay.

If that sounds familiar, you need to run, not walk, to get a free bankruptcy consultation from a local bankruptcy attorney. You need to get out in front of this situation with the protection of the law and not let this situation continue.

If you are worried about getting your wages garnished, chances are very good that your situation is already beyond a reasonable expectation that any other alternative exists, other than bankruptcy.

And if you are up to your neck to American Express, they are vicious, get legal protection under bankruptcy, now.

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About Steve Rhode

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.
  • Fernando Parada

    I have a debt of $68,000 with american express, I am out of the states since I lost my job, the case is that I received information that I have been contacted by some lawyer firm.
    I have not money now to pay my debt, can I make an arrangement to pay $300.00 a month? what is your advise? what should I do?
    I want to clean all this.


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