I just graduated from college and during that time was living on credit cards. I have not paid my card in 4 years. I am barely scraping by as it is and cannot add a $500 payment to my already increasing bills.
What is my best option for getting out of debt?
Based on your monthly payment I would estimate that you owe about $25,000 on your cards. You used your cards to live on and then did not pay them? Amy, that’s not fair at all.
Unfortunately the situation now is what it is and you are now in the grips of the college graduate squeeze. That is the time after you graduate when you get your first job, apartment, car, and even more day-to-day expenses.
If you had student loans those payments will kick in soon so with all of that, unless you can get a second job or a higher paying job, I’m afraid that the only solution to address your situation is going to be bankruptcy.
Why bankruptcy? Well outside your ability to increase your income to generate additional money to repay on your debt then there is no reasonable expectation that this situation is going to be resolved on your current path.
If you are able to increase your income then contacting a debt management group (click here for debt management information) would be something to investigate.