Dear Mary: We are considering filing for bankruptcy. We owe $ 30,000 in credit card debt plus $ 1,000 in outstanding medical bills.
Every month we keep falling behind for having a $ 2,500 mortgage payment, monthly bills, babysitting, groceries, gasoline, etc.
I know things won’t clear up overnight, but can you please help us bring some relief – quickly?
Dear Ron: I feel for you. I was in financial trouble too. You need to know that your problem isn’t due to medical bills or a large mortgage payment. Your problem is credit card debt. It may seem like the medical bill was overwhelming, but credit card debt is one such problem. You are addicted to spending money before you have earned it.
Bankruptcy will not solve this problem. Quick fixes don’t teach us much. You borrowed the money and freely spent it, and now you have a moral obligation to repay it. I believe you are ideal candidates for credit counseling. My best advice is to contact the National Federation of Credit Counselors on their website or by calling 800-388-2227 today.
If it comforts you, my credit card problems were more than three times yours at one point. It took 13 years, but my husband and I paid back every penny together, including interest and penalties – no concessions. It changed my life.