The Budget Doctor Q&A
Answer: Thanks for writing. There is always help available, but it can take different forms. Your minimum payment is probably around $1,400 a month (2% of $70,000). If you have the income to make this payment, you may only need budgeting help. If you have almost, but not quite enough income to make the payment you may benefit from a debt management plan. If you lack the resources to even get close to this payment, you may have to consider bankruptcy. The determination of your best course of action begins with an assessment of your financial picture. You may have noted the on-line application on our Web site, at Free Debt Review. If you fill that out, a counselor will contact you and suggest the best option for you. This is a free service. You will get budgeting assistance regardless of your circumstances and this will be important no matter which option you pursue. The only way to get $70,000 in debt is to charge far more than your income warrants. Sometimes this is not preventable, such as with unplanned medical expenses, but prompt action is always required to deal with it. First, you must have a plan to stop charging, and second, you must have a plan to deal with the debt. Don’t wait to attack the situation. Take charge of life right now and you’ll start the healing process. Good Luck! The Budget Doctor