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Question for the Money Doctors

Question submitted on Jun 13, 2014.

Question

I would love for someone to give me good advice about my debt. Do I need to resort to drastic measures like selling my house before I might face foreclosure, should I file for bankruptcy, or should I withdraw from my 401K? I have credit card debt, a car payment, mortgage, medical bills, two teenage daughters I'm supporting, and of course every day expenses. I can provide a rundown of debt amounts and income but I wanted to inquire if any of you can assist first. Thank you.

Answer

We are here to help!

Let's not take any drastic measures.

First, let's summarize your financial position. List out all your assets and list out all your debts. Then make a list of all your monthly and other obligations.

Please take a look at our website at: http://www.360financialliteracy.org/index.php/Topics/Credit-and-debt

Seek out your local nonprofit Consumer Credit counseling: https://www.nfcc.org/index.cfm

You will need to set goals and priorities. Your whole family needs to be on board for you to succeed.

We need more information to be more specific.


For additional information visit http://www.360financialliteracy.org/