In January, I discovered my husband had accumulated $80k in credit card debt across four cards without my knowledge. I found out when a creditor called me, concerned about his well-being and informing me of his debt. After confronting him, he admitted everything. I chose to forgive him and immediately took action:
Card #1 ($20k): Agreed to close the account and let us pay back the debt at 5.6% interest through small monthly payments over 5 years.
Card #2 ($10k): Agreed to accept 50% of the debt and close the account, which we paid off.
Card #3 ($30k): Refused to negotiate, so we paid what we could, but they had already closed his account.
Card #4 ($20k): Wouldn’t negotiate but hadn’t closed the account. We paid it down and brought it back to good standing.
I organized weekly budgeting meetings to track our expenses. By then, three out of four cards were in manageable conditions. We planned a large payment to Card #3 in August. However, I later discovered my husband had stopped payments on Cards #3 in April and #4 in May, using the money for household expenses not listed in our budget. Card #4 can be reconciled, but Card #3 is now demanding an amount we can’t afford. I’m wondering if anyone has successfully recovered from a similar debt situation.
Don’t worry. I also do this. It’s like being cautious of things to come and thinking of the worst outcome is like getting prepared for the worst. It’s more like being fearless.
I’m really sorry to hear about the financial situation you’ve been facing with your husband’s credit card debt. It sounds incredibly stressful, especially after working hard to manage the payments and budget together. Many people have found themselves in similar situations, and there are ways to recover. First, it’s important to communicate openly with your husband about the financial decisions and ensure that you’re both on the same page moving forward. You might want to consider reaching out to a credit counseling service, which can help negotiate with creditors and create a more manageable repayment plan. For Card #3, since they are now demanding an amount you can’t afford, it may be worth discussing a debt settlement option or exploring whether they would accept a lower lump sum to settle the debt. Additionally, keeping Card #4 in good standing is crucial, as it can help maintain your credit score while you work through the other debts. Many individuals have successfully recovered from overwhelming debt by seeking professional advice and sticking to a solid budget, so you’re not alone in this journey.
I found out when a creditor called me, concerned about his well-being and informing me of his debt. After confronting him, he admitted everything. I chose to forgive him and immediately took action:
By then, three out of four cards were in manageable conditions. We planned a large payment to Card #3 in August. 
However, I later discovered my husband had stopped payments on Cards #3 in April and #4 in May, using the money for household expenses not listed in our budget. 
Card #4 can be reconciled, but Card #3 is now demanding an amount we can’t afford. 
I’m wondering if anyone has successfully recovered from a similar debt situation.