I’m Way Behind on Credit Card Bills and Just Got My First Collection Letter. – Alyssa

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3 thoughts on “I’m Way Behind on Credit Card Bills and Just Got My First Collection Letter. – Alyssa”

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  2. Take Steve’s advise. I wish I had filed bankruptcy instead of paying off credit card debt by securing a refinance on my home. Now, I have such a huge house payment and very little credit card debt. The pay off? I may loose my house, but OH YES, I have my pride left. Not really. I feel stupid. I have worked so hard and am lucky to have a secure (as it can be)job for the last 15 years. I got into credit card debt while I was a single mother of two. Now they are grown and I am still paying for their 1st grade shoes & coats!

    My credit was great in 2001 (FICO of 775) and now it is 680 because I was paid Macys late once in 2008! Trust me. If you can’t pay them off without missing sleep and grinding your teeth all night—Bankruptcy. Get a free consult. with an Attorney & if you don’t like him—try another one. You will find an attorney that will help you.

    I wish I had. Read my letter to Steve. And, his answer.

    I’m not putting the “FOR SALE” sign in my yard today. I am shutting off my land line & that will help me pay the taxes I owe. I am also making myself (no matter what) put something into savings each payday & hopefully it will pay my car insurance in a few months.

    Who knows maybe I can bundle up and live with the house set below 60 this winter! I’m going to try!

    All I can tell you is that I wish I had filed Bankruptcy and the people I know that have within the last 5 years have stayed out of debt and have great credit scores and sleep without grinding their teeth!

    You’re worth it. Hang in there. I look at Bankruptcy now as “re-organization” and a second chance.

    HUGE HUG !!

  3. Hello Alyssa,

    I understand that you do not want to declare bankruptcy, as I feel the same way. But it’s a valid option and makes perfect sense if you have a lot of debt and no employment to pay it off. I’m sure Steve would recommend calling a local bankruptcy attorney and getting a free consultation.

    The other solution requires a steady income. So aggressively try to find a job (or two), sell things you do not need, and get a $1000 Emergency Fund started and stop using credit cards. Then make a list of your debts from lowest balance to highest balance. Pay the minimum on all of your debts and put everything else on the lowest balance until it’s paid off. Then work on the next balance until you get control of your financial life back.

    This may require selling some of the stuff you bought with that American Express credit card. You may have to swear off using credit cards because debt sucks. You may have to stop splurging and eating out all the time, and stick to eating just rice and beans until you get these debts paid off.

    Now if you can’t handle this aggressive approach to financial freedom, then take the free ticket of bankruptcy.

    Hugs! 😛


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