Subscribe to our mailing list

X

I’m Borrowing Money to Pay My Credit Card Bills. What Should I Do? – Lowell

By on July 25, 2011
I’m Borrowing Money to Pay My Credit Card Bills. What Should I Do? – Lowell

Lowell

“Dear Steve,

I am barreled into credit card debt. I am current but only because I am borrowing more to pay current bills. It is about to come to an end though because cc co have reduced my limits.

What is best way back to normalcy?

Lowell”

Dear Lowell,

The best way back is to live within your means and stop borrowing money to pay your bills.

Borrowing money or taking cash advances makes you feel as if you are current on your bills. In fact you are not. You are only digging yourself into a deep hole that is hard to crawl out of. You can’t borrow your way out of debt.

Since the regular monthly payments are out of your reach, a debt management program isn’t going to save you. I’m afraid the hole you’ve dug is going to be deeper than you can get out of without a more severe solution. like bankruptcy.

Otherwise, cut your expenses to the bone, get a second job, work with you creditors to make payments and stick at it for five years or so. While most think they can do that, they can’t.

I think that before you jump at any particular solution here you should contact your creditors and be honest with them and see what help they can offer, contact a debt management company or go and speak with a local bankruptcy attorney. Ask for a free bankruptcy consultation so you can go in and discuss what bankruptcy would mean for you.

Armed with all that information you will then be able to make an informed decision.

morehelp1

READ  What's the Best Way to Consolidate Debt?

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About 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.

Share a Comment / Leave a Reply

%d bloggers like this: