Ok… I do not know if you have stopped paying on the cards or not.
But that may not be a bad idea. A neighbor told me to do that years ago, but I didn’t, for fear of what the creditors would do to us. I stuggled with monthly minimums till I could no longer meet the minimum payments. We haven’t used a card in over 2 years. It’s been hard, YES, but you learn to do without. We had to use the cards just to survive. But if I had of known that there’s nothing the creditors can do to you, I would of stopped paying them and put that money into savings. Now we are hurting for groceries, as we have nothing to fall back on. There are several books out there on debt.
I have bought quite a few online from used bookstores. I would not file bankruptcy unless it was a last resort. In any event, whether it be bankruptcy, or a debt settlement program, they are gonna ask you for a down payment. Expect to pay $1,000 minimum. Even CCCS asks for a downpayment…. NONE of which goes towards the actual debt. To me CCCS is a ripoff. They lower the interest rate, and some companies will NOT accept CCCS. With a debt settlement program, they pay off your cards ONE at a time…. much like the way you got the cards…
ONE at a time. TRUE the interest continues to accumulate, along with late fees and over the limit fees, but in most cases the company…. well at least mine anyway, settles for less than what you owed the credit card company in the first place. Most of these places mine included gets 25% of whatever they saved you. Mine has a deal where at the end ofthe program when all your cards are paid off they will enroll you in their credit repair clinic, so that there is nothing negative in your credit report.