Something Nobody Wants To Talk About: Bankruptcy | Advice

Dear Mary: We are thinking of filing for bankruptcy. We owe $ 30,000 in credit card debt plus $ 1,000 in unpaid medical bills.

Every month we are falling further and further behind because we have a mortgage payment of $ 2,500, monthly bills, babysitting, groceries, gas, and so on.

I know things aren’t going to clear up overnight, but can you please help us get some relief – quickly?

Dear Ron: My heart goes out to you. I also had financial problems. You should know that your problem is not the result of medical bills or a large mortgage payment. Your problem is credit card debt. It may seem like the medical bill has pushed you over the edge, but it’s the credit card debt that is such a problem. You are addicted to spending money before you earn it.

Bankruptcy will not solve this problem. Quick fixes don’t teach us much. You borrowed the money and spent it freely, and now you have a moral obligation to pay it back. I believe you are ideal candidates for credit counseling. My best advice is that you contact the National Federation of Credit Counselors on their website or by calling 800-388-2227 today.

If it’s any comfort to you, my credit card problems at one point were more than three times yours. It took 13 years, but together my husband and I paid back every penny including interest and penalties – no concessions. It changed my life.

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