Over 80k in debt!

You can start by calling your creditors and explaining you situation. Some may offer your a hardship plan that might reduce your monthly payments.

If no one will help than stop paying and save for settlement.

My understanding is if you are wanting to settle the debt it will need to be 3-6 months late. But first look into your states laws to find out if they can take your house away from you. You need to also find out if they can garnish your wages too. Make sure you arm yourself with as much knowledge as you can before you make a move.

Good luck

True, have to miss 5 - 6 months of payments to get good settlement offers.

I don't know of any case where credit card companies were able to take your house for not paying. They could sue you and put a lein on it. You would then need to pay lein before you could sell home. This was least of my worries. Also, they cannot garnish wages unless they sue you and win judment in court.

I, too, am 80K in credit card debt and I have started my LONG road to recovery..Would you like to team and take this path together?

1st, I would put yourself on a very strict budget. And stick with it. Read up on some budget plans. I use Dave Ramsey and I am following his baby steps. You need to stop spending on the cards and cut every expense you possibly can. With an income of $100,000 you should be able to get out of the debt within 2-3 years,, maybe sooner if you really buckle down. Its all about how much money you throw at it.

Next, sell everything you dont need and use the money to pay off bills. If your wife is not working she should be able to do garage sales, run ads on Craigs lists, and sell, sell, sell.

Yes, call all the credit card companies and explain to them you are in a hardship. The have reduced debt repayment programs that could give you 0-2% interest which is going to really help in reducing your balances. Of course, to get something this low, the cards will need to closed so you can use them, but I already told you to stop spending with them anyway, so this shouldnt matter.

Finally, after all these things are done... if you want to get out of debt sooner, you could work on debt settlement. Paying off the cards completley, with a settlement plan offered from the credit card companies. Of course you have to have cash to settle the accounts so if you have alot of em, it might be best to just work on settling them a few at a time. Read the posts here on this board and hear what others have done to do this.

I have set myself up on hardship programs with all my cards. I have cut my expenses and am throwing every last penny towards the debt. I am also working on settleing a few cards at time and as one gets paid off, I move to the next. My plan will take a little longer, but I figure I will be out of debt in 2 years with what I am doing, and my income is no where near yours,, only $45,000.

You have made the 1st step.., coming here and reaching out. Now continue on the path. NO EXCUSES,,forget about what happened in the past, that cant be changed, but you can start to fix things today, and you can fix the future. Do your homework, like mentioned above, but keep the faith,, its all about tiny baby steps!