HELP! I AM DROWNING IN DEBT!
I am divorced with a daughter that is a sophmore in college. I was getting $520.00/month child support until this past July. I have 5-credit cards with debt totaling approx $24,000.00. While getting child support, I was making the minimum payments and then turning around and using what little balance they had to make ends meet (grocries, gas, etc). The way I am going I will never pay off these debts.
Now that I am no longer receiveing child support, I do not have enough money to pay my credit card bills and provide the essentials for my daughter and myself. I had to may a choice and I chose not to pay the credit cards and use the little money left over after rent, utilities and car payment to buy food, gas, etc for the month.
I get paid once a month and I really have to stretch it. My daughter has been looking for a part-time job and I have too but we haven’t been able to find one. I have always paid all my bills on time. I am receiveing calls from the card companies for payment. They tell me that I have aways paid on time and have been a good customer. They want to work a plan with me but I don’t know how to go about negoiating with them.
They want to make automatic withdrawals from my checking account. I don’t want to commit to something I’m not sure that I can honor because then I would have no money for everyday living expenses, i.e. food, gas, etc. I don’t own a home and have used all my savings. I don’t have anyone to borrow money from and if I did I don’t know how I would repay them,
HELP! It appears to me that bankruptcy is my only option. If not what other options do I have? I appreicate any advice you have to offer
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