$45,000 in credit card debt...don't know who to trust or what to do

I've been doing research, but every time I think I'm getting somewhere I hit a roadblock. My credit is actually good considering the amount of revolving credit because I always make my payments. I would also like to stay away from damaging my credit score.
My roomate lost his job and I won't be getting rent for a while, so soon I won't be able to make the monthly payments. What would be the best way to take care of this? I'm a home owner and owe $66,000 on the mortgage. I'm not sure what the house is worth. I think around $120,000 but I'd need to get it appraised.
Is debt settlement/consolidation mainly for people with bad credit? Could I get a normal bank loan to pay off the $45k in 10 years or so with payments I can afford?
Thanks.
J

Based on what you are saying, you may be able to consolidate your debt and preserve your credit. If you go the settlement route, you will trash your credit. If you could cash-out refi, your mortgage would still be relatively small.

However, the key to this is to avoid the situation in the future. One of the things I considered before I started settling was that it WOULD trash my credit and that in itself would guide me down the path of never again relying on credit to live.

Good Luck with whatever you decide.

Yes, it happened when I was off work and I began paying my bills with credit cards. Then I started paying credit card with credit cards. It got out of control fast.

I guess it all depends on what my house appraises for; it needs a new roof as well and a few other repairs that I can't afford at the moment. Even if I refinanced the house and got rid of half the credit card bills, I'd be better off than I am now.

As of now I don't trust any online lenders.

J

Unless your roof is really bad, that likely won't impact your appraisal.

The other thing you can do is a consolidation loan with a credit union or bank. Not sure if they might do it as a second mortgage... But if you went the other route, you are going to need 40% or so cash to settle. Maybe do both....get the money and then settle.

What you could do as an alternative is to review a program that empowers you to pay off those credit card balances at a very low rate of 10 cents to 20 cents on the dollar and have clean restored credit as well.
This can be accomplished in a very short period of time, 15 to 18 months and be totally debt free. You won't have to borrow anything at all to do it.

Risking your real estate by encumbering it further with long-term debt to pay off an unsecured is the most bizarre campaign any bank ever came up with. But people have bought into that concept...many have since lost their homes.

Look at the most comprehensive alternative; just Google "credit card debt resolution" or "zero credit card debt". Do your research, review the particulars of the program after contacting them, get your questions answered and finally take action.

I checked out that site. The more I think about it, something like that would be my second or third option right now. It seems very similar to debt settlement.

I think if I have enough equity, refinancing would be best in my situation. I could get an extra $40,000 and still have a mortgage payment the same or cheaper than the 8% I'm paying now.

That is is "if". I have no idea what the house may appraise for. And I'd be paying on the house for 10 extra years.