A reader on AskTheMoneyCoach.com wants to know what to do about debt she can no longer afford to pay due to the loss of the family’s primary breadwinner.
This person probably has more leverage than she might anticipate with her creditors. In this video, I explain various options that someone in debt – and who can’t afford to pay the debt – might try in order to fix the problem.
Some people might be able to work out a payment plan, others may consider offering a lump sum settlement, still others may need to try credit counseling or bankruptcy.
Watch this video for a more detailed explanation on when each alternative is most appropriate.