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All my credit cards are maxed out, what is a good way to reduce my credit card debt and not be forced into filing bankruptcy?
My last child has just entered college. While I’d like to celebrate, having two kids in college at the same time seems to be financially ruinous. Most of my monthly bill payments are rather delinquent and I need to find a way to reduce my credit card debt. All of my cards are “maxed out.” Who might be able to help me out the most?
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Answers (1)
First, don’t forget that your children may need to get part-time jobs and apply for financial aid loans if you can’t afford to pay all of their bills while they complete their studies. You deserve a stable financial future as much as they do and you’ll need to start living on your savings far sooner than they will. Given that your credit card debt level sounds quite high, you might be able to negotiate paying off each card at a lower, negotiated fee with each company or you may want to sign up with a reputable debt management group in your city or town. Before making such a big decision, you are likely to benefit greatly by discussing your debt situation with a bankruptcy attorney to be sure your approach to managing your debts is one that will benefit you the most in the long run.
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Posted by Elizabeth Smith on 21 Jan 2010
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