Just starting

I would almost be looking at bankruptcy cause you need to get out of that lease...it is eating way to much of your income.

Yes I know, I have thought about bankruptcy but i dont think I would be able to get chapter 7 so i would have to prob file chapter 13 I am guessing. I am going to call the landlord and explain my situation to him cause I got the house on a lease option so I put 10,000 down and if I dont excerise the option I will lose that money which in the big picture is not at the top of my worries, since whatever happens I will not be excerising the option. I guess I should get in touch with a attorney and see what they think. I would really like to settle with the credit card companys

I would call your companies and explain that your hours have been cut at work and ask is there anyway that they will work with you. Some companies have programs for people who are unemployed and perhaps they have something identical for people who still have jobs, but less hours. It's worth a shot, imho. Good luck and keep us posted.

Before today i was 45K in debt. 1 BoA, 1 Chase, 1 Discover, 1 bank visa. Settled the Chase for 32% and the BoA for 33%. From reading here I could have probably waited another month and gotten 25% from BoA, but they gave me 3 pmts and didn't want to settle the discover at the same time as another BIG one. I expect discover to be the toughest one and the most expensive one...we'll see.

The key to this is to keep your emotions out of it as much as possible. It's just business...I know, sounds cliche, but it's true. To the CC, it's just business...it's an attitude. For the 1st 90 days, not much will happen. They won't settle in this time anyway, so don't bother...just save every nickel you can. During this time, call each creditor every couple weeks, say the same sad story each time and tell them that you just want to keep them in the loop on your situation. DO NOT MAKE ANY PAYMENTS...EVER!!! If you are going to settle, you need to stop paying all! After 90 days, you may get an offer from someone, if you can swing it, do it. Many will say to wait for the 150 or 180 day mark to get the best deal, but if you have all your settlements at the same time it becomes financially tough to pull it off. Research your creditors, know which ones are hard and which ones settle easier or quicker. In my case, Discover does not like it when you offer a settlement, if you do, they may sue or send you to a CA right away. After the 120 day mark, call each creditor and talk settlement, use round #'s not %'s. Have a goal in mind and try to get it...be nice and call every day. If you get some chowder on the other end, kindly end the call and call back to get someone else. When they say that X amount is the lowest they can go, ask if someone else can approve your amount...if not try in a day or two. They will come around, spend 5 minutes or so on the call. Save your money and be proactive and you will succeed.

In the event of a lawsuit, which is rare, ANSWER THE LAWSUIT!!! Do not allow a summary judgment to be entered against you unanswered. Answer the suit and DENY everything!!! DENY everything! Make them prove everything in court, that is your right. Even if a judgment is entered, you can still settle it. Even if you had to pay the full amount and reached settlement of 25-40% on the other 3, it would be worth it. Do not fear any of this.

Debt is a tool of the banker to keep you poor and in bondage, you are a slave to the lender. Once you get out of CC debt, pay off your mortgage asap and never borrow another dime, at least that is my plan!

Woooo thank you that was a great responce! That has been my problem and how I got into this mess, emotions!!!!! Yes I plan to never borrow a pennie ever again!!!!