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$20,000 in credit card debt, but debt relief isn't coming fast enough

Wed Jul 30, 2008 12:07PM | By Tony

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Q: I have $20,000 in combined credit card debt and has paid on time. I lost my job 2 months ago and am about to miss few payments. I worked as programmer for 3 years after graduating, and my job was outsourced to India. With my skill set I have problems finding work and are getting some intense and advance Java/Perl training which my former employer is paying for. It is the 12 week course after which, I should be very marketable. Meanwhile I am in dire situation financially, I can't use my severance pay as I have mortgage, car and school loan to take care of first. I don't want to ruin my credit, but must do something with credit card debt? Any thoughts?

A: Yes, call your congressman and senators, and demand them to do something about outsourcing the best jobs we still have here. Seriously speaking, call the credit cards and ask them for some forbearance/deferment type of a deal, until you get a job. Explain the situation you are in, emphasize that you want to pay debt off and see if they are willing to work something out for a couple months. If not, you may have to borrow money from someone or start thinking about bankruptcy, which you should definitely mention while talking with the credit cards, if they are not too forthcoming. Now, how did you manage to get mortgage, car, school loan and $20,000 in credit card debt after only 3 years from school? Just a rhetorical question ...

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