In over my head in debt what should I do?

Contact your creditors and inform them of your situation...some have hardship programs that may prove invaluable to you. If you let a debt sit unpaid for too long (especially on a high balance), you may be sued for the debt (liens and garnishments to follow, per your state's laws).

Bankruptcy, chapter 13 is another option--it isn't the end of the world.

I know it is hard to take a pay cut just so you can spend time with your kids. I commend you for taking that step. I think it will be well worth it in the long run. I wish to one day do that. Enjoy time with the kids. They grow so fast!

As far as the plan you are considering, to pay the smallest debts and your house and truck, it is a great idea. A few months ago I considered that. However, keep in mind you are assuming your income may go up in 6 months. There is a chance it could but there is also a chance it may not. That is what happened in our situation. I stopped paying the high debts and kept paying the smaller ones now we are paying nothing. My husbands income was suppose to go up but it took a dive and we are scrambling just to pay the necessities. There is no money left to settle the high debts. We are now looking into filing bankruptcy at 96k cc debt and 2 car loans. We sold our home thru a short sale. It is a mess but I am working on it. I hate to see someone get into this situation.

Like the previously advised, call your creditors and see if they will put you on a hardship program.Do not be surprised if they decline. Only 1 of mine would put me on one. Now that I am delinquent-the offers are rolling in for lower interest rates and hardship programs, etc. All that came a little too late. I started out wanting to settle my debts but now have decided to file BK. It is not the end of the world. As a matter of fact, knowing there is a way out of all this mess made me feel a little better.

I stopped paying on my high debts in December-I know some people have stopped paying theirs early last year and still have not been sued. Keep in mind everyones situation is different and there are no guarantees.

Read through this forum-there are a lot of good tips and stories on here. I know with almost 100k in debt, it is very stressful. You can do it. I wish you all the best!

My Suggestion is to opt for a Nonprofit debt consolidation. Here they will provide you the information regarding why you should opt to use No-profit-making Debt Consolidation Company when looking to repay your debt with one monthly payment.

The very first reasons to opt for a non profit debt consolidation is that they charge lower fees. The major problem when looking at profit debt consolidation companies is that there have been a lot of scam artists and this is a trouble is also some times true with nonprofits debt consolidation agencies. So my advice is to check before using them and giving them your sensitive personal and financial data, you've to make sure about how long the company has been in business organization. You can also check with your local Better Business Bureau to see if any complaints are registered against the company before you start working with it.
Hope it will help you out.
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Keep your house current. You have to have a place to live. Keep the vehicle current. You have to get to work.

I am going through debt settlement. We worked hard to maintain our credit but drowning in debt wasn't worth it.

We were weeks from bankruptcy. This has saved us.

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