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My Debt Snowball, Snowballed. – Janine


“Dear Steve,

I have $90,000 in debt and make $63,000 a year. I did a debt snowball but that snowballed. I can’t seem to get out of debt. My parents were close to losing their home and I gave them most of my money. I have a few things I plan to sell but nowhere near enough to cover any bills. After paying most of my bills, my balance is in the red.

What else can I do to get out of debt? I have applied for part time work and never heard back from anyone. Plus I am not sure that even part time work would help in paying down/off one of my bills.


Dear Janine,

It is admirable that you helped out your parents to keep their home. I think you realize that the sacrifice put your own financial life in peril.

You don’t have to do anything. You can let the situation sit and fester and pay what you can afford. You can wait to see if you are sued and if your wages will be garnished. Basically you just sit and wait to see what bad stuff will happen to you. Not a very attractive option, but an option nonetheless.

Or if you don’t see a likely increase in your income and the current situation is too much for you to continue in, there is always bankruptcy.

Bankruptcy is a perfectly legal solution that will let you start over in an otherwise depressing situation with no solution.

So there you are. You can sit in the mess and let it fester and get worse, or you can face bankruptcy and get a fresh start and probably put these issues behind you in four months. What’s it going to be?

Still uncertain, call a local bankruptcy attorney and go in for a free bankruptcy consultation and learn more about bankruptcy and your situation. Ask every question you can think of and then go home and ponder it for a couple of days. There is no need to make a rash decision.

About the author

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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