ANYONE CAN HAVE OVERWHELMING DEBT
Regardless of your income or employment status, you may have too much debt to realistically pay off with a strategy like debt snowball. If all your monthly debt payments, including housing, total more than 50% of your monthly gross income, you may need to look into debt relief, like a debt management plan at a nonprofit credit counseling agency or bankruptcy.
The goal is to resolve your debt quickly and in a way that sets you up to meet future financial goals. Otherwise, you may spend years funneling money toward insurmountable debt, sacrificing retirement, an emergency fund and other goals.
Bankruptcy in particular may be a good option, as it can help you resolve what you owe in a matter of mon…