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I Was a Perfect American Express Customer and Now I Can’t Pay. – Isaac

Isaac

“Dear Steve,

I have been w/ American Express for over 8 years… PERFECT! until october… as many other thousands or millions… Can’t pay and owe them around 35K… been making little payments every now and then but my situation is getting worse and worse… what can happen to me?

What would you do?

Isaac”

Dear Isaac,

If you owe Amex 35K your monthly minimum payment is probably about $800 a month. If you can afford that amount then contact a debt management company and see what they can do to assist.

If you can’t afford that monthly payment then a preemptive bankruptcy is probably your best bet. American Express and their collectors can be real bastards and play very tough. There is no need for you to live through that if there is no expectation that you will be able to repay the debt.

Your situation is an unfortunate example that you are only as good as your last payment when it comes to your creditors. Even though you were a good and valuable customer for all those years, don’t expect any leniency from Amex.

Steve

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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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