I Fell for the Balance Transfer Gimmicks Offered by the Credit Card Companies. – Brad


“Dear Steve,

My wife and I had our income reduced by $3,500 a month! I admit we overspent, and didnt save. I fell for the ‘balance transfer’ gimmicks offered by the credit card companies, and went head over heels in debt.

I refinanced our home, that was almost paid off! Then they started raising rates, dropping limits, some even closed accounts. We now have over $50,000 in unsecured credit card debt! And owe $100,000 on our home that we bought for $35,000.

We are current on all our accounts, but end up CHARGING prescriptions, or something to make ends meet. We have put off dental work, and eyeglasses. Our income from social security, and retirement is $2,900 a month, about $180 short of breaking even.

Should I consider a Debt Relief plan, or just go bankrupt?


Dear Brad,

While you might think you are current on your bills, in fact you are not. You are making minimum payments by borrowing from the cards to pay for routine expenses. The minute you start doing this you put your debt on turbo and race to the bottom of the financial pit.

With the fact that you are so upside down on the house, your diminished income and your relative lack of savings; bankruptcy is the likely solution.

You should contact a local bankruptcy attorney and go meet with them. Just call and ask for an appointment to come in and discuss consumer bankruptcy and how they can help you. There is typically no charge for these informational appointments.


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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