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Ask The Get Out of Debt Experts

We Had Excellent Credit But Now We Live Month-To-Month. – Jen

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“Dear Steve, We are a young family of four. My husband nets $890 per week. Our mortgage is $362 every week. ($196,000 @ 5.5% 30 year fixed) I do not work but stay home with two little ones… daycare costs prohibit me working. We are swimming in credit card debt. A total of $17,193 from 5 cards with monthly minimums ... Read More »

    Should I Quit My Job Before I File Bankruptcy? – Jim

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    “Dear Steve, Married 15yrs raising 13 year old. My wife and I have been struggling with credit card debt for quite some time (10-12yrs). All this time, everytime we used credit I had in the back of my head that this is not the right thing to do. We have now decided something has to be done. We both have ... Read More »

      Should I Tell My Creditors I Am in the Process of Filing Bankruptcy? – Sofia

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      “Dear Steve, I have $57,000 in credit card debt, famiy of 4, income of $41,000 a year. I also own a home which is worth about $130,000. I am current on the mortage. Last month, I stopped paying my credit cards and brought my utilities and insurance up to date. I qualify for Chapter 7. As you can imagine, the ... Read More »

        The Credit Counseling Group Wants a Higher Payment Than I’m Paying Now. – Debbie

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        “Dear Steve, Here is my situation: I used to make some really good money being in the mortgage lending business, but business has slowed down quite a bit. I get paid base plus commission and used to make some really good income, but that has been cut in half over the last few years. My problem is that I started ... Read More »

          Should We Sacrifice Our Retirement Funds to Settle Our Debts? – Alex

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          “Dear Steve, My family and I are behind on $96,000 of credit card debt equalling 7 accounts. These accounts are all between 120 and 150 days pass due. My family budget is about $1,200 a month short to make the monthly minimun payment on these accounts. One of our credit lenders who represents $82,000 and 5 of the accounts is ... Read More »

            Reduce Interest To Reduce Payments w/o Affecting Credit – Christina

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            “Dear Steve, We have too much credit card debt and rely on overtime to pay our bills. In the current climate it appears that the overtime is going to be pulled back and we will lose that extra income. Is there a way to reduce the interest on our credit card payments, thus, reduce our payment amounts, without it adversely ... Read More »

              I’m a Lawyer and Drowning in Debt. – Paula

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              “Dear Steve, I have approximately $50k in credit card debt. My interest rates and limits have recently skyrocketed and I cannot make the minimum payments. Although I am current on all bills (this will last for about 1-2 more months), as my savings have been depleted. Right before graduating from law school in 2008 I was laid off from a ... Read More »

                Am I Dead Meat? – Reggie

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                Reggie “Steve here’s the deal. I’m $25,000 in credit card debt. I lost my job and have no source on income coming in. I’m barely meeting my financial obligations and depression is setting in. I have $10,000 to my name. Bankruptcy seems to be out of the question because I don’t have an income source. My only asset is a ... Read More »

                  I’m Working With a Credit Counseling Group But I’m Broke. – Cat

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                  “Dear Steve, I shared most of it on your post about bankruptcies, DMP, and Debt Settlements. I have not been able to establish an emergency fund. I have no money nor credit obviously for a bankruptcy attorney. I still have about $25,000 in debt to pay (and this does not include a student loan that I have not begun making ... Read More »

                    We Are Expecting Our First Child and Want to Get Out of Debt. – Michelle

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                    “Dear Steve, My husband and I are expecting our first child in April. We have been married for nearly 8 years and were trying to pay off our debt before starting a family but after this long it seems as though it would never happen. We currently owe $89k ($850 monthly) on our home that we have lived in for ... Read More »

                      How Much Debt Do I Have? – Matt

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                      “Dear Steve, I’m looking to find out how much debt that I have to clean up my credit, I have outstanding medical records and missed payments and several things sent to collections How do i find out how much debt that I have and how do i begin to clear up my debt? Matt”   Dear Matt, Not a problem. ... Read More »

                        Should I Cash Out My 401K to Pay Off My Credit Card Debt? – Angie

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                        “Dear Steve, Should I cash out part of my 401k to pay off my 136,000 in credit card debt? Is the penalties worth getting rid of all that interest? The monthly payments are getting to high to pay due to the rising of interest rates. We tried to refinace our home but due to the lowering of credit limits our ... Read More »

                          Single Mother, Struggling, Depressed, Anxious, Can’t Sleep. – Veronica

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                          “Dear Steve, (struggling) small business owner and single mother. I owe approx 70K in credit cards & credit lines. Tapped out of credit options. In addition, I’m scared, cant sleep, anxiety, etc. I am about to close on 2nd mortgage in order to pay off debts. As an individual, can i negotiate with banks, credit card companies to reduce pay ... Read More »

                            If I Don’t Pay My Mobile Phone Bills in Australia Will They Disconnect My Service? – Ankur

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                            “Dear Steve, I am permanent resident of Australia, and currently back in my home country since last 5 months. I have been paying my 3 mobile phone bill on time, but now I don’t want to pay it as I don’t know when I will be returning to Australia. If I don’t pay my bill in future, will it affect ... Read More »

                              I Want to Merge My Debts Into One Big Ball in the UAE. – DW

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                              “Dear Steve, I live in UAE and got myself into serious financial turmoil. I have loans and credit cards and not enough to pay for them. I need some serious advice and help. I am basically looking to merge my debts into one big ball and have someone buy it out for me. I can repay back the amount over ... Read More »

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