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I Have $95,000 of Credit Card Debt. – David

“Dear Steve,

I am nearly 50 years old computer programmer living in Bay Area CA. I accumulated big credit card debts ~95K due to the fact I was unemployed multiple times in the last few years and I’ve been unemployed now for more then 3 months.

I was never late on my payments except last month (March 2009). I’ve considered bankruptcy, but I was called for an interview last week (really miracle) and I might be offered a very good job as a computer programmer (great company and salary about 120K per year).

If I don’t take this job and choose to go bankrupt instead , being over 50 and bankrupt I might NEVER find another job in my area of expertize

What would be your advice ?


Dear David,

Interesting question. Thank you.

For me, I see your situation in more of a holistic frame. Your debt is a real part, but still just a part of who you are right now. I suspect that another important part of David is that person that has skills, is appreciated for the work that you do and you potentially derive great satisfaction from the work that you could do.

If the choice is between going bankrupt and missing out on the job opportunity or taking the job and then dealing with the debt? I think you have to take the job if it makes your life fuller, richer and better.

Taking the job does not mean that there is not some help for you and your debt. If you are living in the Bay Area, a $120,000 salary just does not go as far as it once did. Things might still be tight for you.

But let’s take this one step at a time. If you can’t make your credit card payments right now till you hear from the job, don’t make them. If you don’t have the money to pay without draining savings or your financial cushion, it is what it is.

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Come back and give me an update and let me know what happens with the job and what you decide to do. Once I know that we can move on to the next step in eliminating your debt.


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.

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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