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My Mortgage Went Up and My Income Went Down. – Damarys


“Dear Steve,

I am a single mother with 3 kids. I was doing okay going paycheck to paycheck. my mortgage went up and income went down. I now am having trouble payings bills. what to I neglect first. pay my mortgage, car payment and utilities and let my credit cards get behind. I am trying to work with credit counseling service but and so lost.



Dear Damarys,

Well I’m proud of you for correctly prioritizing your debts and paying the most important ones first. Credit cards come last after housing, utilities, food, car payment.

What I hear from your question is that this is not a situation of jumping a hurdle and catching up. With the reduction in income this is a situation that no longer adds up on a monthly basis.

As some say, it’s not that you’ve got too little income, you’ve just got too much month.

Without an ability to further reduce expenses or increase income, the solution to this problem is going to involve bankruptcy in one form or another. Please contact a few local bankruptcy attorneys and go in and talk to the one you like the best.

Depending on the amount of your debts and your remaining income, you may elect to enter a legally binding repayment program through bankruptcy or discharge your debt.

Don’t be afraid. This situation will work out one way or another. It is stressful and scarry, but not fatal.

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About Steve Rhode

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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