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I Was Working in the Mortgage Lending Industry Making Good Money. Now I’m in Financial Trouble. – Todd


“Dear Steve,

I have a mass amount of credit card debt due to a big drop in income over the last 2 years. I was working in the mortgage/lending industry for 10 years making a six figure income. That industry has suffered tremendously over the last 2 years. I was out of work for almost a total of a year.

During that time I used a lot of my savings to survive. I have now been working at a company for over a year, however my income has dropped about 50 to 60% of what it once was. I am now tryinig to figure out if I should just contact all the credit card companies to see if they will help me or to try and go with a consumer credit counseling service will be more helpful. I want to find a good way to get out of this mess but at the same time I don’t want to get scammed.

Who can I turn to for some honest help on how to bring down my credit card debt so that I can eventually get rid of it for good.


Dear Todd,

Life certainly has changed from the high flying mortgage days and I’m sorry to hear you are in this bind. Finding reputable help is like finding a reputable lender that would not overextend someone. Tough!

While you had savings to help you through, relying on savings or using savings to make continued and unsustainable debt payments is not the way to go. For that, we need a change, an intervention, or decisive action to change the path you are on.

I think the most logical way to look at the situation is backwards. If we start with how much credit card debt you have and what you can afford to devote towards servicing that debt each month, I can better steer you in the right direction.

Think about it like this, if you need to achieve a certain MPG in your vehicle because you can only afford so much fuel, not any car or truck will do, we need to select the right one that will allow you to get where you are going on the gas you can afford.

Give me an update in the comments section of this question to my homework questions for you and I’ll get you where you need to go.


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.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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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