I am about 45,000 in different debts

Ben,
The plan would be as follows:
1)Cut up ALL your credit cards,
2)See about refinancing your vehicle at a lower apr rate,
3)If you are being hounded for cc payments, definitely contact a consumer credit counseling company to get affordable payment arrangements made to pay your cc debt off. Alot of these type companies offer free services. You can still do this even if you aren't being hounded. Or, you can call your creditors to do so yourself; first, work your budget to see what you can afford to pay without strapping yourself. It's really worth it in the long run to pay it off like this; as apposed to filing bankruptcy because you remain in good standing with your creditors who will provide you credit again.
4)See if you can get a debt consolidation loan all these debts.
5)Do NOT apply for any credit for at least 2 years.

Ben, Welcome to the forum. Since you have registered here a debt counselor should contact you shortly. They will go over options for you that you may not have known about. I think this is going to be my new motto It never hurts to become informed!!! Best Wishes KYSIDE38 :D

Between consolidation and filing for bankruptcy, there is one more choice. See into the debt settlement program. For me $45,000 seems to be a lot of debt, especially if there is no money to pay the debt at present. In consolidation, I will have to pay the principal amount. The interest rate can be lowered down and some fees can be waived off. I don't save too much in this program.

If I go for debt settlement26, I can at least expect the debt will go down by 40 percent to 60 percent. I understand the accounts will have to be in defaults for a few months and there are risks attached in this program. The creditor may file a lawsuit and the accounts will reach collections. The debt settlement company will try to act as a guard saving you from such situations.

The decision is yours. If you can manage making the consolidation payments, go for it. But if you want to save more money and want lower payment plans, settlement will be an option.

Consolidation will stay in the credit report as long as you are enrolled in the program. Debt settlement will be in the file for seven years. Your most important concern is to pay off the debts and see them updated in your credit file. Any of these programs can do it.

Please read some negotiation tips here.

Ben
I'm 43.000 in debt with just credit cards. I went with debt settlement. I'm hoping I made the right decision. I've only been in debt settlement 2 months & it has been a rough ride so far, with the calls.

Guest, I know you are worried but you will feel better after seeing a few accounts getting settled in the program. I hope your settlement company is good in business. Keep your hopes up.

Flying Cats,
I don't know why it registered me as guest. This is Mary Ann & I have posted several times in different places. I just get very upset when the people call & threaten & use scare tactics. This is exactly what my debt counselor says they will do. I was having problems with Zwicker & assoc. who are shills for Discover. My debt counselor & another source said they are just tactics & that Discover is actually settling for 20% at this time. I;'ve learned not to answer the phone.

Oh, I forgot. I'm with Superior debt relief. They have a great rating on BBB