How Can I Cut My Debt in Half. – Jean


“Dear Steve,

I recently moved all my credit card debt to one Credit Card. I canceled card and have a interest rate at 6% with a total of 23000,00 credit card debt.

My monthly payments are 500.00 for how ever long. Im current on my payments but with my hours cut back at work Im starting to fall behind. Im thinking maybe a debt relief or checking into bankruptcy just for this. Is there anything else that I can do to cut the debt in half or get out sooner.. anything!


Dear Jean,

Depending on the creditor, a 6% rate is decent, even if you were in a debt management program.

Your best bet, when you fall behind, is to contact the creditor and see if they will give you some breathing room. Typically this will not be for longer than six months.

In order to cut your debt, you’d have to look at a debt settlement solution. While the creditor may reduce the amount you owe, during the settlement process you might be in intense collection and get sued. Also, the amount of debt forgiven is taxable.

If that’s not enough breathing room for you then you are probably headed towards bankruptcy as a final solution.


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.

Steve Rhode
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