I’m Digging Myself a Deeper and Deeper Hole Each Month. – Ken

“Dear Steve,

Single Dad/ I don’t know where to start. I have 2 credit cards with a total of 30,000 and I’m considering bankruptcy.

I’m digging myself deeper each month and don’t know get free from this. I own a house with a small mortgage on it (60,000) there’s some equity there. I guess i just need some advice on the best thing to do in my situation. I think I also need some help making a realistic budget that my son and I can live on and still pay the bills..I bring home about 2200 each month.


Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Dear Ken,

I think the situation has answered the question for you. Just listen to it.

When you tell me that the hole is getting deeper and deeper, that tells me that your currently lifestyle and obligations are unsustainable. The only way to reverse directions is either to increase your income or reduce the debt. The only way to legally reduce the debt in your situation is through bankruptcy.

I suspect that the best course of action is for you to meet with a local bankruptcy attorney and plan a way to start your financial life over again.

Bankruptcy sucks. It feels bad and those of us that have been through it have had to deal with the fact that we went bankrupt but that does not mean that it’s not the best path for you to follow.

As far as getting a “budget” in order, I suggest that you download my free book, Eliminate Your Debt Like a Pro, and follow the chapter on how to create a spending plan. See page 81.

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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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