Question:   I am scared about where my debt leads me. My spouse just left me and I have no solid means of support for me or my children. What can I do?

Answer:      Debt hangs around a person’s neck like an albatross, weighing your down, limiting your opportunities and contributes to a loss of personal freedom.

Being stuck in debt with people dependent on you is frightening and can be overwhelming. This is especially true if your spouse has recently left and you have no monetary support of your own.

Pining over where you might be if things had gone differently (if you had never used your credit cards so much or if your partner had never left, etc.) will do you no good, so instead begin focusing on your present options and your financial future.

Take some time to fully assess your situation. Calculate how much money you currently have and how much you will need in the next few months. Food, shelter, utilities, and transportation will be your main priorities before you pay any other bills. Credit card companies can wait if need be, they are NOT a “necessity” until your household bills are covered.

Organize all other bills in order to find out the approximate total you will have to pay each month. By organizing your finances by completing a personal financial statement and then formulating a budget, you will feel more in control of your money and less stressed.

Debt leads to panic in a lot of situations, but if you know exactly what you need to cover the necessities and you can stop spending money on any inconsequential items, then you can start down the path to recovery.

Since your spouse has left you, you should take him or her to court in order to request child support. Because the kids are also your former partner’s children, he or she is required to help out financially for their wellbeing. This extra money can be used for food and clothing for your children and help take some of the weight off your shoulders.

No matter where debt leads you, the only way to escape it is by earning money yourself and repaying what you have borrowed. You will need to find a job in order to obtain income for yourself and your family.

Getting back into the workforce may be difficult, but many people have managed to do so even when in dire straits. You may even be able to do this from home. There are many success stories on our website – read a few for a quick infusion of motivation and inspiration.

It will take hard work, diligence, and a different outlook on life in order to get away from the dark places that debt leads to. No matter how it may seem, being in debt is not the end of the world.

Focus on the best parts of your life – your children. Being scared will only hold you back and while facing the unknown future can be frightening, remember, it is only the future. It has yet to happen. It does not have to be dreary and unsettling, but instead a strong one in which you and your children triumph over hardship.

» I recently reported a stolen credit card, but just found out my spouse took it and didn’t tell me. I’m thinking about leaving the marriage, what should I do to protect myself?
The fact that you reported a stolen credit card will work in your favor because the bank will shut down the account the second they are notified.

» What do you consider a bad debt loan? We want to have children and it appears that adoption is our only choice. Can I take out a loan to pay for the adoption?
Never pay on credit when you know full well that you need to pay cash to ensure your financial future and continued prosperity.

» Credit card debt counseling didn’t help. My spouse and I just separated and we are in extreme debt. Is it wise to file bankruptcy at this point?
Quitting solves nothing. Your bigger issue is your relationship. If your relationship was solid, your finances would more than likely follow suit.

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