I Tried to Get Rich Quick But I Actually Got Poor Really Slowly

By on July 11, 2016

Question:

Dear Steve,

I’ve had a relatively low amount of debt for years that I was able to handle comfortably. However, ever since I started college, I’ve felt guilty with the amount of help my parents have been giving me at their expense. This spurred me to attend several expensive seminars for buying and selling real estate (something totally foreign and out of my comfort zone). The classes for this training put me at about 40k in debt, which caused me to default one of my credit cards. I am barely holding on, and if I was to lose my job, I would be homeless.

I would like to know how I can get myself out of debt without debt consolidation. I do have an LLC, and I was thinking about moving my car and some of my credit cards over to my company. Actually, I’m pretty open to whatever help I can get.

Thank you for your time.

Mike

Answer:

Dear Mike,

I’d love to tell you that I’ve never seen this same situation before, but I have. In fact before my financial demise back in the late 1980s, I attended a couple of similar courses. It’s the desperation of striking it easily rich that sucks so many of us in.

Your capacity to repay has exceeded your debt obligations. Moving things around is not going to change the ultimate reality, you will default and it will impact your credit score. But you can help to soften the blow.

Given the tentative uncertainty of your current situation and your inability to hang on, I think one of the first options you should investigate is a consumer bankruptcy filing. Bankruptcy is the least expensive and fastest way to get a fresh start and learn from your mistake. In fact, you should read So You Are Going to File Bankruptcy. That’s Great News. Congratulations so you can separate truth from myth.

READ  Get Rich Quick in Real Estate Promoter Sentenced to 11 Years in Federal Prison

You can spend the next five years trying to hang on and dig your way out or you can do something about the reality of your situation.

I’m always amazed by the television and radio programs that applaud people for digging their way out over many years. But mathematically what they are celebrating is the financial demise of many of those folks who waste the time to get back to retirement savings as fast as possible. Check this out, Those That File Bankruptcy Do Better Than Those That Don’t.

If you want to scare the hell out of your 75-year-old self, then click on What Repaying Your Debt Will Cost You in Retirement – Calculator.

It’s stupid easy to rebuild credit after bankruptcy but it’s impossible to recover lost time from wandering in a debt abyss.

Don’t make a bad situation worse. Face up to the reality, use the law to get a fresh start and do better moving forward.

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About Steve Rhode

Steve Rhode is the Euro-Video and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

One Comment

  1. Steve Rhode

    July 11, 2016 at 1:22 pm

    Mike, I just answered your question.

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