I’ve got two credit cards maxed out, and it’s getting overwhelming. One is Wells Fargo with a balance of $16,500, and the other is Capital One with $5,000. Things were okay when the Wells Fargo card was at 0% interest, but now it’s racking up interest, and the $500 minimum payment is hitting hard. I feel like I really messed up. Two years ago, I had no debt, but I started using my card every time my wife went grocery shopping because she’d argue that I wasn’t providing enough.
She claims her cards are also maxed out, but we don’t share finances, and it’s been a constant fight. She makes about $90,000 a year while I earn $60,000. My spending has been cut to the bare minimum, but I don’t see a way out.
Any advice on how to deal with this debt? I’ve stopped using the cards and am considering divorce because we can’t agree on finances or anything else anymore.
Have you thought about bankruptcy? It helped me reset and rebuild my credit over time. I filed Chapter 7 a few years ago, kept my car since it was almost paid off, and was able to start fresh. If you’re considering divorce, you might want to consult both a bankruptcy attorney and a divorce lawyer to see what your options are.
@Logan
$20k in debt with $90k income? Bankruptcy might not even be an option. And even if it is, is it worth paying an attorney thousands for a net benefit that’s barely higher?
Haven said: @Logan
$20k in debt with $90k income? Bankruptcy might not even be an option. And even if it is, is it worth paying an attorney thousands for a net benefit that’s barely higher?
Filing doesn’t always cost that much. Also, if he divorces first, he might qualify for Chapter 7, which is why a free consultation is a good idea.
Yet another couple not sharing finances and wondering why it’s a disaster. Sorry to point this out, but shared money often makes things smoother. You both need to combine finances and tackle the debt together—or just get divorced. This sounds exhausting.
Bankruptcy is an option if you don’t need credit for a while. But honestly, don’t let anyone define your worth. Being single is way better than staying in a miserable relationship.
Sterling said:
Bankruptcy is an option if you don’t need credit for a while. But honestly, don’t let anyone define your worth. Being single is way better than staying in a miserable relationship.
Wait, you’re married but don’t share money? My wife stays home with our kids, and it’s always been OUR money. Does your wife cover the mortgage and utilities or what?
Have you looked into transferring the balance to a new card? Some offer 0% interest for 12 months. It’s not a huge debt, so you can get it under control if you stop the interest for a bit.
Nate said:
Have you looked into transferring the balance to a new card? Some offer 0% interest for 12 months. It’s not a huge debt, so you can get it under control if you stop the interest for a bit.
That’s risky. He could end up maxing out the old cards again. Better to avoid credit entirely if handling it is an issue.
I’ve been in a similar spot with high card balances and a lack of communication. Sit down with your wife, list every single balance, minimum payment, and bill, and figure out where you stand together. My husband and I had to cut up our credit cards, combine accounts, and get personal loans to manage the debt. Couples counseling might help too. Good luck!
Don’t be too hard on yourself. Call your credit issuers and explain the situation—they might offer some solutions. I did this, and each card company gave me different options. It made my debt way more manageable.
Look into a balance transfer card with 0% for 12–24 months. It’s what I did, and it helped a lot. Check out this link: Slate Edge Credit Card from Chase.