I Am 90 Days Late on Two Credit Cards. A Debt Management Plan Company Said They Could Not Help Me. – Jennifer

“Dear Steve,

I have two outstanding credit cards that have not been paid in over 90days. I tried to go through a debt management and found out that two of them they really could not do anything with. Now I am trying to make arrangements to just make payments on both cards but I am told they need a big lump sum to be able to do something. Now I am in jeopardy to lose my job.


Dear Jennifer,

What you actually have going on here are three different problems.

  1. Job concerns.
  2. Overall debt problem.
  3. Debt management issue.

I don’t know why the debt management or credit counseling companies you contacted said that they could not help with those two accounts. There are many potential reasons why. But regardless, I think they did you a favor by turning you away.

If you have a concern that you are going to be able to keep your job then entering any debt management plan might not be the wise move right now. For now, you’ve got to start saving money to help you if you become unemployed.

I appreciate the fact that you want to begin to repay your debt but can you really afford to do that? If you started repaying your creditors and then lost your job, what cash would you live on?

If this sounds like your situation I think you need to speak to a bankruptcy attorney and consider bankruptcy as a way to protect yourself from a financial tsunami after a job loss. Think of the free bankruptcy consultation visit as getting the life boat ready for the financial storm you fear is on the horizon.


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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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