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We’ve Already Deferred Two Loan Payments But That’s Not Enough. What Can We Do? – Kathe

“Dear Steve,

We are in our 50s. We’d been doing well and racked up some serious debt. Ashamed to say how much but … over 70,000. This includes credit cards and loans. Not including our home. Last month I lost my job and have been looking (yes, looking hard!) but have not found anything as yet.

We have already deferred 2 loan payments back 1 month. Also set the car payment back 1 month. My husband has a good job but there’s about a 1,000 a mo. deficiency (which is a little less than my old paycheck). Not sure what to do. We’ve stopped using the cards. I’ve cut groceries to the bone. What else can we do?

Is there a way to temporarily cut expenses until I have another job? I don’t get unemployment.

Kathe”

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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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