AK 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. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty . If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help . “Dear Steve, My debt ratio seems high to me and I am thinking about using my credit card to consolidate my debts. I also, need to know how long to keep statements. I want to reduce clutter, but am not sure if I should keep bank statements and other statements since I do online banking and statements. What is the easiest way to consolidate my debts? How long should I shred old paper statement for credit accounts and bank statements? A.K.” Dear A.K., I had to read your question a couple of times to make sure I understood exactly what you meant. Really? You want to use your credit cards to consolidate your debt? I think what you are trying to do is to payoff other smaller debts that you might have by doing a balance transfer to a new credit card . But if you are thinking about paying off some debts by writing cash advance checks from a credit card , that is financial suicide. Don’t do it. If you do I’ll have to hunt you down and personally kick your ass. It is one thing to consolidate your debts by rolling them all into a credit counseling or debt management program . Using that approach your debts are not paid off but the debt management company will make the payments for you, often reducing the interest rate you pay. While you make one payment to the debt management company, there is no actual consolidation of the debt onto one financial instrument. If you would like more information about this credit counseling debt consolidation approach, click here for debt management information . Regarding your statement issue, check with your creditors to find out which ones offer online access to your statements. In fact I don’t even get paper statements anymore and if I need to reference something or get a copy I just go online and print it. Last time I checked the IRS said you need to keep records for seven years. Big hug. Steve Source: AK Wants to Use His Credit Cards to Consolidate His Debts Other Related Articles to Read Diana Is Struggling to Make Credit Card Payments And Afraid Dave is in a CCCS Credit Counseling Program But Feeling Hopeless Eva Has Heard Negative Things About CCCS April Wants To Know “As A Single Mom, How Do I Get Out Of Debt?” The Perfect Debt Assistance Program

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Janet 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. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty . If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help . “Dear Steve, I am 66 married hubby is 55 & on disability - I have been fighting depression all my life - I work part time but hours are being cut - company may go under - no jobs out there for the elderly - we are $105,000.00 in debt of cc & loan- can’t pay them anymore - tried calling the cc & loan for a better repayment plan they were no help - seeing a lawyer about bankruptcy - I am getting calls fron a 800 # but when I answer no one is there so I hang up - I presume it is from the loan company - why can’t they just be on the other end - I will answer even though it does no good. I am paying some of these bills even though it is a hardship should I just quit paying them all? Also should I tell them when they do call that I will be filing for bankruptcy? I love your site & thank you for being such a caring person in this time of need Janet” Dear Janet, I am so sorry that you are dealing with all of these issues. I guess I’ll have to fall back on my motto that gets me through these dark days, “At least you’re not on fire.” I feel strongly that we need to tackle this in a bit of a reverse order. The financial issue is a symptom of a greater money troubles and yes, it can be address through bankruptcy . Click here for bankruptcy information . But at the same time I think you need to focus on getting your depression under control. Depression and debt are not good friends. Living with active depression leaves you unable to properly deal with the strong emotional hurdles in your way that need your vigor and drive to get through. For example, when you go bankrupt you are best served by embracing the task and working quickly to get all the necessary documentation to the attorney to file your bankruptcy papers. If you are suffering with the effects of depression it is hard to muster the energy to focus on the task of gathering documents or even getting it to the attorney. If you are not under treatment for your depression I really want you to go and speak to your medical professional about how you are feeling. Depression can be placed under control with non-addictive medication and or talk therapy. For more information on depression please read this detailed publication National Institute of Mental Health - Depression Symptoms of Depression Persistent sad, anxious or “empty” feelings Feelings of hopelessness and/or pessimism Feelings of guilt, worthlessness and/or helplessness Irritability, restlessness Loss of interest in activities or hobbies once pleasurable, including sex Fatigue and decreased energy Difficulty concentrating, remembering details and making decisions Insomnia, early-morning wakefulness, or excessive sleeping Overeating, or appetite loss Thoughts of suicide, suicide attempts Persistent aches or pains, headaches, cramps or digestive problems that do not ease even with treatment As you can see those issues related to untreated depression are not conducive to helping you to deal with the financial trauma or moving forward with your life. The calls you are getting sound like they are coming for a computer autodial system that automatically connects a debt collector with the next call when they have finished with the last. Sometimes the computer will dial the call and once it is answered, then connect it with the next available collector. It sounds like the nothingness you are hearing is that time lag between when you answer and when a human picks up. If you do speak to a human you can tell them you are filing bankruptcy if you want, doesn’t hurt. It does not make sense to continue to send any more payments to your creditors that will be included in your bankruptcy but you should coordinate which payments to stop with your bankruptcy attorney . They will be happy to advise you about this. The sooner with meet with your bankruptcy attorney and get that process moving forward, the sooner the collection calls will cease and your debt will be put behind you so you can focus on living on what you are earning today rather than struggling to make yesterday’s ends meet with a salary based on the working conditions from tomorrow. Big hug. Steve Source: Janet is Fighting Dark Depression, Debt, Disability and Dispair Other Related Articles to Read Shellie Had Cancer And Is Now Slowly Dying From Terminal Debt A Pledge And Promise I Work Hard Every Day to Keep: To Be Here For You When You Need Me Thu Wrote Me And Said “I’m Really Struggling, My Husband is Disabled, How Can I Get Out Of Debt?” Anne Writes In “I Am Going Crazy With Worry”

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Louis 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. Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty . If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help . “Dear Steve, I feel like I’m drowning and I even have suicidal thoughts. I barely make my mortgage payments (minimum interest only). Late on my line of credit payments - threatiing foreclosure. 50+ thousand in student loans. I would like to sell my condo but the market is so low no one is buying and I would not get enough to pay the mortgage and line of credit. I am sick over this and can not see a way out. Do not know what to do anymore. Very overwhelmed. Louis” Dear Louis, First, let me say that debt can kill you if you get too stressed about it and have a heart attack or fill your body with pills or lead. Debt is not worth dying over. I realize that is an easy statement to make but I once felt like you did, looking back on the situation years latter you’ll get the “What was I thinking perspective” also. Let’s look at what is making you feel low and blue. Those emotions that are racing through and leaving you depressed are more about the sorrow of leaving a lifestyle and routine that you have enjoyed than about the debt. The mere fact that your assets are worth less than what you owe is just a numerical reality. That math does not judge you at all. You judge you. I judged me. Those feelings can be addressed in two simple ways. The first thing you should do is seek medical help with your depression and thoughts of suicide. A combination of medications and/or talk therapy will make a world of difference for you. I wish I had done that. Instead I lived through three dark years of self-created hell. There is no need for you to do that. Second, you will begin to feel better about your situation if you stop letting it drag you along as a victim and you stand up and take some control over it. If you’ve got $50,000 in student loans then you have some education and skills behind you, that if you can refocus on looking forward, will serve you well. The things that are anchors around your neck at the moment are the interest only mortgage , condo and credit card debts. The student loans are yours for life and there are some ways to restructure those but until you get these other things under control, it is unlikely that restructuring the student loans will make much of a difference. Here is a possible scenario that you can put into action all at the same time. Let me know what you think of it. Seek medical help for your suicidal feelings and depression. Find a new place to live. Move out of the condo and stop making mortgage or condo payments. Stop paying your credit cards . Talk to a bankruptcy lawyer , get a free bankruptcy review of your situation and go bankrupt. The mortgage holder and condo association will come after you for payments. The credit card company will chase you for payments. Go bankrupt and discharge the debt that you will not be able to repay so you can start over. Start a new financial life that is filled with hope and not thoughts of killing yourself. The sadness really hits when you realize that you will lose your condo. But rather than failure, it is simply reality and has nothing to do with your value as a member of society or self-worth. It is what it is. If you follow this or a similar plan of action what you will find that instead of trying to repair a broken past, you can learn from what you have lived through and create a better future for yourself, your career, and for those friends and family that love you. Big hug. Steve Source: Louis Says “I Feel Like Killing Myself Because of My Debts” Other Related Articles to Read Josy Writes “My Real Estate Business Is Going Down The Drain” Peter Is Trying to Find Shelter In These Uncertain Economic Times Damn You June Reyno. Let Your Home Go And Move On. Constipated Lending Makes Economy Ill What to Do if Your Creditors And Bill Collectors Make You Really Angry

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Having worked for years in the medical field I applaud anyone that decides that they want to become a doctor. But I’ve met my share of people that seem to have become doctors for “the money” or who once they became doctors, wanted to do something else with their lives. Being a doctor is not easy, but being a medical student today is even harder. With student loan debt for medical school and studies, escalating, it is not unusual for doctors to wind up with hundreds of thousands of dollars in debt. I’ve talked about the side effects of debt a lot. The depression, unhappiness, stress, lack of focus, etc. that comes a a byproduct of debt is not helpful when you are trying to focus on delivering excellent patient care. And our medical system is under assault. Medical debts are the leading cause of bankruptcy for consumers. people can’t afford medical insurance. Doctors malpractice premiums are unbelievably high. Medical technology costs a fortune but does not make care better. And needed changes in the way medical care is delivered in the United States may force down doctor salaries, even as they are carrying forward all this debt and obligations. New doctors in training are going through the toughest days. They are struggling to make it through medical school and their residencies with little sleep and much doubt. A 2006 study, Personal Life Events and Medical Student Burnout, by Dr. Dyrbe, found that Burnout appears common among U.S. medical students and may increase by year of schooling. Despite the notion that burnout is primarily linked to work-related stress, personal life events also demonstrated a strong relationship to professional burnout. The authors’ findings suggest both personal and curricular factors are related to burnout among medical students. Efforts to decrease burnout must address both of these elements. Dr Pauline Chew wrote a recent article in the New York Times, Medical Student Burnout and the Challenge to Patient Care , where she said: Medical school was not easy for me. I knew that I wanted to become a doctor to help people, but I had given little thought to the process. I was poorly prepared for many things: the pressure to excel in ways that seemed so far from caring for people; rapidly mounting debts I signed off on every semester; a roller coaster existence from chronic lack of sleep; hazing from the more experienced students and residents; and the realities of patient suffering despite my best efforts. Her statements really resonated with me. You see in the many years I have been helping people with debt problems, a number of those clients were medical students or young doctors, working hard to finish their studies and reach the golden paycheck. Thoughts of Doctor Suicide Related to Level of Debt In response to another inquiry, Dr. Dyrbye noted: We agree that debt is a substantial source of stress for today’s medical student. As reported, students reporting > $100,000 of educational debt had a 1.47 greater odds of suicidal ideation during the previous year than students with

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On Sunday September 28, 2008, twenty floors up in a Boston apartment, Christian Mogensen, logged on to his website, updated his web page, and then put a bullet into the head of his wife of many years. Not long latter Christian turned the gun on himself. Christian Mogensen & Sharon Glassman - Wedding Day December 24, 1996 The webpage update that Christian made was a death announcement of a demise about to happen at his hands. His web page, untitled, read: Christian Mogensen January 8, 1947 - September 28, 2008 R.I.P. Sharon Glassman October 26, 1947 - September 28, 2008 R.I.P. The murder suicide appears to have been the result of financial stress and pressure because of an eminent eviction from their apartment over $6,100 of back rent. On top of that Mogensen owed at least another $28,500 in debts from 1994 that were still being pursued by debt collectors. I bet there was more as well. Sources say that the debt collection activity was active as recently as 2006 and make it sound as if their was some court action to collect. Christian Mogensen was a 61 year old self-employed computer industry consultant who ran his business from the couples apartment in Charles River Park. Mogensen called 911 and notified police that he had “just killed my wife, and announced that he would kill himself before emergency help arrived. Feeling Conflicted I am never surprised by these incidents. Pressure and stress are motivators to do all sorts of nonsensical things. What has me conflicted about this event is that while I am deeply sad, I am royally pissed off at the same time. The intense pressure and desperation Christian must have been feeling must have been overwhelming. So overwhelming that the thought of murdering his wife and then killing himself was considered a better idea. What makes me madder than hell is that no financial problem in the world is so important to require suicide or murder. I remember when I lived through my debt problems I was depressed and feeling low but the reality is that nothing that was externally happening to me at that time could ever have justified the murder of my wife and daughter and then my suicide. I’m not sure if I ever felt suicidal during those dark days. You see, much of that time is a blur to me now, lost as I drifted through my self-imposed depression over my financial failures. What does vividly remain are the memories of intense failure, fear, and shame. Emotions more intense than I needed to make them. I can’t think of a single debt situation that can’t be resolved in one way or another. All problem debt might have solutions, but maybe not magic wands. If it is true that the financial problems lead to the kind and friendly Sharon Glassman being murdered by her husband of 12 years, then it was an unnecessary and senseless death. Not a murder of compassion, but instead a murder of stupidity. If anyone is reading this right now and feels like killing themselves or harming another person because of financial problems, don’t. I am here for you, I will help answer your questions to deal with your debt and no matter how you feel right now, there is hope for a new and better day. No hug for Christian but a big hug is waiting for you if you need me. Steve Other Related Articles to Read Christy Asks “Why Should I Even Bother With Getting Out of Debt?” Marisa Asks “What If I Just Change My Mailing Address?” Your Online Debt Collection Rights Guide

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If you're new here, you may want to subscribe to my RSS feed right now, before you forget, to get the latest posts. Thanks for visiting!I’ve become alarmed by the number of searches on this site by people saying “I want to kill myself”. I fully realize that money troubles are ...[Read More]

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In 1989 and 1990 my financial life swirled the bowl and went down the toilet, resulting in my personal bankruptcy. My shame and my disgrace, which I kept silent and my secret until 2000 when I got outed by a Washington Post reporter when she asked me, only in passing, during an interview if I had ...[Read More]

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I’m not surprised that people find it necessary to kill themselves because of financial problems. They do, it’s sad and it’s needless. What makes this so shocking was that he was so close to being debt free. News in yesterday from my office in the Netherlands surprised me. I ...[Read More]

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