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We Owe So Many Bad Credit Lenders We Can’t Break Free – Sandy

Written by Steve Rhode


Dear Steve,

I am a county employee, as an appraiser with Assessor’s Office. My spouse is self employed. Our income would be sufficient, but we are drowning in debt. I made some horrific mistake and this mistake spiraled and is out of control. I have 3 very high interest loans, one with Check n go ($5,000), one with Rise Credit ($5,000) and one with Loan Me ($3,000) the monthly payments on these three loans is $1350. I have looked for a way to find work at home options to help cover these payments but I haven’t been successful. My credit is bad so I can not refinance.

What are your suggestions. Do you have any suggestions for ways to bring in extra income to meet my obligations. If I could earn an extra $500 – $1000 each month that would greatly help. What do you think about Debt Management>>

My original though was to bring in extra income and make regular payments for several (6) months, then refinance debt at that time with credit union. I just don’t know if I can hang one. Any other suggestions you may have. I’ve tried negotiating directly with creditors for a lower rate, but they won’t budge. . .



Dear Sandy,

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I think you should read Those That File Bankruptcy Do Better Than Those That Don’t and So You Are Going to File Bankruptcy. That’s Great News. Congratulations.

It appears you are in over your head and you’ve been trying to make things work with more debt. How’s that working for you?

It sounds like it is time to cut your losses, learn from the experience, and do better moving forward.

If you do take the bankruptcy route, be sure to immediately start an emergency fund to help protect you in troubled times. Also, get saving for retirement as quickly as possible. Make sure you are maximizing any retirement saving program offered by your employer.

READ  How Can I Continue My Education With All This Debt?

You need to understand that when you find yourself in a hole, you need to stop digging it deeper to get out.

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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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