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157 Past Due – What to do with $130,000 in Credit Card Debt

by Derek Sisterhen on May 13, 2011

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Past Due: Radio 157 – What to do with $130,000 in Credit Card Debt

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What do you tell someone that has $130,000 in credit card debt?

That’s the question that was posed to me over lunch with a friend. He’s a financial planner and was working with a couple recently that told him they carried six-figure credit card debt. Today, I addressed the typical causes of that level of credit card debt and two steps for getting out of it.

While that level of credit card debt may have shocked my friend, I’ve seen it on many occasions. I recounted many of the experiences of Doug and Kathy Grant, former clients who had that same level of credit card debt when we first met. Their story is one of changed attitudes and sacrifice; today they’re well on their way to recovery.

Kids & Money Contest: I’m looking for stories of parents teaching their kids about managing money and understanding how money works. If you have a great story (humorous, big life lesson, etc) of what to do – even what not to do – please send it to mailbag@pastdueradio.com by Sunday, June 19th with “Kids Money Content” in the subject line. Entries will be gathered for the next few weeks and the winner will receive Junior’s Adventures, the boxed set of money lessons for children by Dave Ramsey, and a copy of my book, Get Naked: Stripping Down to Money & Marriage.

If you have a specific question, I’d be happy to answer it and further cultivate the wisdom of the Past Due Radio masses. The experiences of our listener base provide plenty of insight we all can learn from; don’t hesitate to ask – I’m happy to help!

Today’s Mentionables:

Episode 110 – Real Life: Kathy Grant – My interview with Kathy one year after we forged a new path for herself and her husband.

Episode 144 – Why the American Dream is Ruining Lives – A show uncovering how our desire for more and increasing standards of living actually result in depression and broken relationships.

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