I am barreled into credit card debt. I am current but only because I am borrowing more to pay current bills. It is about to come to an end though because cc co have reduced my limits.
What is best way back to normalcy?
The best way back is to live within your means and stop borrowing money to pay your bills.
Borrowing money or taking cash advances makes you feel as if you are current on your bills. In fact you are not. You are only digging yourself into a deep hole that is hard to crawl out of. You can’t borrow your way out of debt.
Since the regular monthly payments are out of your reach, a debt management program isn’t going to save you. I’m afraid the hole you’ve dug is going to be deeper than you can get out of without a more severe solution. like bankruptcy.
Otherwise, cut your expenses to the bone, get a second job, work with you creditors to make payments and stick at it for five years or so. While most think they can do that, they can’t.
I think that before you jump at any particular solution here you should contact your creditors and be honest with them and see what help they can offer, contact a debt management company or go and speak with a local bankruptcy attorney. Ask for a free bankruptcy consultation so you can go in and discuss what bankruptcy would mean for you.
Armed with all that information you will then be able to make an informed decision.