My Favorite Business Resources
- Cheap Business Phone Service - Make phone calls anywhere for free or darn close to it.
- Cheap Printing - Always amazing deals on cheap printing with loads of free items.
- Manage Mobile Phone Costs - Great phone for controlling cell phone costs for business or teenagers.
- Really Good Web Hosting - As bullet proof as there is. A strong hosting provider with all the resources you need.

My Favorite Credit Resources
- Consolidate Your Debt - One monthly payment. Stop collection calls.
- Help Budgeting - Online and easy.
- Lower Your Car Payment - Refinance to reduce your monthly payment.
- Credit Report / Credit Score - This consolidated report is better than most.
- Credit Cards - Find the best card for you for low rates, balance transfer, credit rebuilding and rewards.

Nov

2008

Lisa is Over Her Credit Limit, Unable to Pay the Minimum Payment, and Thinking of Bankruptcy

Posted by as Uncategorized

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Lisa wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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“Dear Steve,

I am unable to make my minimum payment on my only credit card therefore, not only has my interest gone through the roof I am now over my credit limit.

I don’t want to file for bankruptcy. What are my options to get this under control and get my credit card paid off?

Lisa”

Dear Lisa,

There is no reason you have to file for bankruptcy if you don’t want to. However, your options to dig yourself out of this hole are limited.

The most obvious one would be to increase your income or lower your expenses to free up enough money to make at least your minimum payment.

As long as your situation continues without intervention then the massively high interest rates and overlimit fees are only going to run your debt up.

Your two best chances of trying to bring the situation under control without bankruptcy at this point would be to call the collection departments at your credit card companies and ask what special internal programs they might be able to offer you to help you out.

If you would rather have someone else do the work and extend special creditor terms to you then contact a debt management company (click here) and ask for help.

Bankruptcy is always a legal options for you and even though you don’t want to go bankrupt I think you owe it to yourself to talk to a bankruptcy attorney to understand all your options. Only then will you have enough information to make a good choice about what solution will meet your needs and situation.

Big hug.

Steve

Source: Lisa is Over Her Credit Limit, Unable to Pay the Minimum Payment, and Thinking of Bankruptcy