Any advice for getting out of debt?

iVillage Member
Registered: 05-12-2009
Any advice for getting out of debt?
2
Tue, 05-12-2009 - 10:35pm
Hi I was wondering if anyone has any advice for getting out of debt. Basically, I was off work for almost a year due to a work injury, and in order to survive I had to put everything on credit cards. Now I have about 40,000 in credit card debt, and just lost my job. I can't find a new one with this economy and I'm thinking bankruptcy is my only option right now...any advice?? I need help from anyone who has been in this position or something like it, I'm really scared...and I've never had any bad credit issues before....HELP!!
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iVillage Member
Registered: 03-25-2003
Wed, 05-13-2009 - 9:46am
Welcome to the board! I don't know much about bankruptcy or whether it would be a good idea in your situation, but it definitely might be worth looking into. Unfortunately, there's no east fix to debt. It just takes time and commitment. Bankruptcy can help, but that has plenty of its own negatives. The most important step to getting out of debt is to stop incurring more debt. In many cases that's easier said than done, but you'll never get out of debt if you keep adding to it. There are ladies here who have gotten themselves out of some pretty bad situations, so if you stick around, I'm sure you'll be able to learn a lot from their experiences.

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iVillage Member
Registered: 11-17-2007
Wed, 05-13-2009 - 10:34am

Sorry to hear about your bad luck. Are you getting unemployment?


Maybe if you know that your salary will not support paying back the credit cards