I Lost My Job, Had a Stroke, Disabled, and Can’t Pay the Credit Card Company


Dear Steve,

I lost my job and I cant go back to work because of a stroke Im trying to get disability Im 60. I want to make good on this BUT THE CREDIT CARD COMPANY WONT TAKE ANYTHING LESS THAN 100 AND THEY ALREADY TOOK 100 BUT SAY i STILL OWE OVER 800

I owe 500 on a credit card, I lost my job and what money I do have which is not much. Im Robbing Peter to pay Paul. They threatened to take me to court I am willing to Pay and make good, But they want 100 a month I cant afford that, I need something lower like maybe 40 and they will NOT take nothing lower what can I do?



Dear Debra,

Wow, life certainly stacked up against you. Your situation sounds terribly stressful.

But I wonder how the current strategy of robbing Peter to pay Paul is really working for you. It doesn’t sound like it’s working at all.

The creditor wants money you can’t afford. You can’t pay what you don’t have. So you can either seek legal protection by talking to a bankruptcy attorney or you can face being taken to court and losing.

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If you have little in assets and your income is public benefits then you may be judgment proof. That doesn’t mean they can’t sue you, it means they may not be able to collect.

The disadvantage of the let them sue you approach is you are not in control of the situation and must just wait for things to happen and then deal with them.

I have no idea how much total debt you have or what your overall situation is so the advice I can offer is limited.

A creditor or debt collector can demand that you pay what is contractually agreed to. If you can’t make those payments then the debt owner can avail themselves to the remedies you agreed to when you took out the credit card. They are often spelled out in great detail.

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Your other option is to negotiate a reduced repayment plan with the creditor that they find acceptable.

But I wonder if you can really afford any payments at all. Rather than react, maybe what you need is an overall review of your situation and a larger plan, rather than just reacting.

Damon Day - Pro Debt Coach

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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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