what is our best option

I do not have the answers to your first 2 questions but I know someone will be along to answer those. I just had to comment because when I read your post-it reminded me a lot of our situation. All I can say is read as much as you can here. There are many options. I decided not to do debt consolidation because I owe so much and could not afford the payments. I called all my creditors to negotiate lower apr's and things like that-only 1 budged and put me on a hardship program to give me some breathing room as far as minimum goes. Hey, anything helps. You might want to give that a try while you figure out which way you want to go with your debt. There are many options. I had to think long and hard and decided to do debt settlement, it isn't for everyone but with my debt load it is either that or bankruptcy.

Whatever you decide, do something now. The minimums will not go away and may get larger over time even if you don't use the cards anymore. Some cards seen we were only making the minimums and shot up our interest rates just for that reason. Incredible they can do that but most do and it is all there in the fine print. Also, if you choose any company-research them well!

Good luck.

Read Dave Ramseys books Financial Peace and The Total Money Makeover. They can help you with your debt problem and teach you how stay out of trouble. They changed my life.

To answer your question regarding Line of Credit and "Super-Check" these are unsecured if you did not have to put up collateral. If you received a Line of Credit against your home, then it is considered Secured Debt.

You have options. Your goal should be to get out of debt as soon as possible and to increase your monthly cash flow. I was once in your situation and I am now debt free. I would be happy to answer any more questions you may have. The website in my signature also can answer alot of your questions.

Good Luck and God Bless!

"The website in my signature also can answer alot of your questions"

As can this website.

Unfortunately this sounds like a time for some serious job searching. Both a better paying job than what your in now and also a 2nd job to help pay those credit card bills. If I could only go back 5 years and just suck it up and start a part time job on top of my full time job I might have prevented myself from going bankrupt. You'll always regret it if you do... atleast for 7-10 years that is. debt consolidation companies are terrible for your credit but a last resort to consider as well. I wish you the best of luck in the hard road ahead.

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Do your research on all companies offering help. Be sure to compare apples to apples.

debt consolidation can take up to 60-72 months, while debt settlement takes avg. 24-36 months. ADVANTAGE: By the time you have completed debt settlement in 2-3 years you would still be in debt consolidation plan. With Settlement, you are on your way to re-establishing your credit sooner than with consolidation simply by your debt to income ratios increasing.

Debt Consolidation pays all of your debt off WITH interest, and your payment is HIGHER (less cash flow for you) than with Debt Settlement which cuts your debt on average in half - sometimes better than half (huge savings), and eliminates interest(even better savings). Payments are cut in half and affordable to most(better monthly cash flow.

Debt Consolidation shows paid as agreed on Credit Report once you are done with the plan and Debt Settlement shows settled account while being paid off through the course of the service. Note* lenders do not look at late pays and settled accounts after 12-24 months. CCCS is looked at equal to a Bankruptcy. So basically, by the time you are done with debt consolidation you could have already had your debts paid off and re-established your credit.

Be sure to examine and compare all of the facts of any program you enter. Stay focused and you will achieve your goal of becoming debt free! Good Luck and God Bless!