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We have about $50,000 of credit card debts. We are current on all payments but have no money for anything else. We have to buy gas and groceries on credit cards which only, of course, gets us deeper in debt. What would you advise us to do?

I am sorry to hear about your situation, unfortunately it is becoming increasingly common these days. There is no easy or quick solution for debt but you may want to start to reverse the debt accumulation as soon as you can, if possible.

Of course, the obvious question is, have you used all available means to prevent yourself from having to use credit cards for your purchases?

– Reduce your lifestyle to tighten your budget and make the needed financial sacrifices
– Pull from some savings you hoped to avoid using but may have to
– Is there any value in a home you own that you can use to refinance in order to swap high interest credit card debt for low interest mortgage debt?

If you already are living on a tight and disciplined budget then you may want to talk to a debt relief company to assist you. The two primary types of assistance are debt management and debt settlement.

You can read extensively about those two options on this website to learn more. You also may want to talk to a debt relief company or two and find out about their program. Most importantly, keep educating yourself and take some action now because the problem will only get worse and, left unattended, often leads to bankruptcy.

I hope that helps.