I Can’t Afford to Save My Life And Pay My Credit Cards At The Same Time. – GPOT


“Dear Steve,

I have more than 10 credit cards. I am self employed and up to today, I have been able to meet all my payments. Because I’m self-employed I have to health insurance. I have just been diagnosed with prostate cancer and I have been given no hope. As you can imagine my family doesn’t want me to give up, but since I have no health insurance all my medications and doctors visits are coming out of my wallet. I am now in a situation where I can’t afford the two things. Do I save my life and keep working for my family or do I pay my credit cards?

What will happen to my wife and I, if we do not pay our credit cards?

Any advice is very appreciated.


Dear GPOT,

The answer is clear, you should stop paying the credit cards and use the money to attempt to pay for medical treatment.

For more information if your wife will have to pay your bills, see Will My Family Have to Pay My Debts From My Life Insurance After My Death? – John.

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

If the debts are joint, in the name of you and your wife, she will be responsible for the balances due, now and after your death.

It is unclear if you do currently have health insurance, if you do, keep up those payments. Keep the health insurance current before you pay any credit card bill.

It is very possible that your wife may have to consider bankruptcy to deal with the legacy debt after you pass. This is common and a way that many people deal with the residual debt that is no longer sustainable.

I would strongly suggest that you and your wife go now and meet with a local bankruptcy attorney. Not with the intention of filing bankruptcy now but to plan for bankruptcy when the medical bills get to be too much and if your estate will not pay your bills when you die.

See also  Majority of Bankruptcies Linked to Illness and Medical Bills

With some planning in advance now it will leave your wife better prepared to deal with the financial issues that may come latter and it will help you to have some peace of mind that the money problems are going to be resolved with a plan after you pass away.

The bankruptcy lawyer can also better advise you if bankruptcy might be in order for you now if you have joint debts, depending on your current assets. Meeting with a bankruptcy lawyer now may not be on the top of your fun list but it is logically prudent to deal with this squarely, now.

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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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