I have four credit cards that are pretty much maxed out for a total of approximately $18,000 and my wife has three credit cards for a total of about the same amount. This debt is not including the taxes we owe and car payment.
Can you please suggest a place to go for assistance on how to pay off this debt quickly. We are currently unable to pay this as we are only able to do the minimum payments.
My immediate concern is not how to get out, but how you got in so deep. If you were using the cards to help make ends meet and get by from month-to-month then any solution needs to take into account that your cards will be closed for further use and you won’t be able to fall back on them anymore.
If you are just making it with only minimum payments then a solution where you may get an interest rate reduction but not a payment reduction, as in a credit counseling or debt management program, may not be the best or most sustainable solution for you. In a credit counseling program you’d need to make those minimum payments over about five years to be out of debt.
You could be debt free in months with bankruptcy but you’d need to click here to talk to a local bankruptcy attorney and see if that is right for you.
By researching both options you can make the best and most informed decision for yourself based on your life, your goals, and what your gut says.