I came across a website which is completely about the author’s debts and about the steps he is taking to overcome these debts. He started his story by telling that he has a few credit cards and that he pushed these credit cards to their absolute limits on a holiday with his partner and some friends. Unfortunately for him, added on the month’s interest, his credit cards went over their credit limits which means that when he makes the minimum payment, it only just cleared the interest. Poor guy. He sounds so desperate he even made a website about the whole thing.
I continue reading his story and I found out that he also tried to get some sort of a debt management plan or DMP, but because his inquiries to the company offering the DMP were not handled well, he shun the idea of getting a DMP away. That was the point where I stopped reading.
I believe that a DMP from a trusted company that has strong relationships to negotiate with creditors could really help him. Declaring bankruptcy would be a no-no as this entails too much hassle and some money along the way too. If he could have been a little bit more patient in looking for companies that offers DMP, he could have immediately started to lightly settle his debts.