Because of the volume of submitted questions, I am behind in personally answering every single one. I need your help. I am publishing the question below for you to answer. Please help this person by adding your response and advice in the comments section of the original question.
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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Mike:
Steve is right…..most of us do not rack up credit card debt with no intent of paying it back. More people than you probably realize are in your exact situation, but rarely speak of it due to some sense of moral obligation and guilt. It is not your fault that you suffered a health event and had to fall into poverty to simply live.
Because of one nasty little cancer cell that decided to take residence in almost every part of my body, I went from a career I loved in 2002….making around $75,000 a year to living on disability and owing more than I once made. I have always worked hard…..believe (as most do) that one should be responsible and “do the right thing”. Therefore, I did just what you are doing now…..attempting to pay back what I had to amass in debt to simply survive. Believe me, my friend, it is the proverbial “One Step Forward and Two Steps Back” scenerio. I let my guilt over my credit card debt (which I never had before the big “C”) take precedent over my medical treatment. Big mistake, because if I had just let go of that misplaced sense of obligation and put my health first, I would most probably have been able to achieve remission….which is not the case now. I allowed my pride to basically hasten my death. Don’t allow that to happen to you……life is too short already and pride means nothing if you are not around to experience in it’s true meaning. I refer to how you treat others who love you…..tell them often how you appreciate them……and realize that a FICO Score can never be the same as a hug from a loved one.
I am now 49, and because of the bankruptcy laws that were really written by the credit card companies, I don’t qualify for Chapter 7 because I own a house (which I saved years to design and finally build). Steve finally opened my eyes by simply advising me to get my priorities straight, enjoy life, and quit the stress of an uphill battle to pay back my credit card debt. What are they going to do……give me cancer?? Let them call and threaten….I love talking about myself. Let them sue……I always enjoyed watching “Peoples Court”. They can’t stick me in jail……take my house over unsecured debt……or burn me in the town square. What they can do is steal the chance for any enjoyment I can potentially experience in the time I have left…..but only if I allow them to. You have already taken the most difficult step….which is facing up to your debt situation and mustering the courage to discuss it with an expert like Steve. Use your available funds to better your health, take care of your family, and keep a roof over your heads. Once you make that decision to abandon a futile battle, you will have a sense of freedom that you probably lost a while ago. Whatever course of action you decide on, I send my best wishes to you.
Robert