$170K credit card debt, no way to pay off as of now

[Anonymous]

I would not be surprised if bitcoin falls further. What is it today ? 7900? 

I’m not saying there isn’t a place in the future for crypto. Just a number of headwinds especially if govt gets involved. 

Betting on a crypto rebound is pure speculation 

[dragontears]

Getting away from the bitcoin debate and back to the debt/credit part of your situation.
You state that you want to pay the lenders you just don't have the funds to do so and you need more time. This is where (as other people have mentioned) all you need to do is make the minimum payments, it buys you "more time" without completely wrecking your credit. Quit paying the cards and hoping that they will settle for less rather than suing you is not a great idea in my opinion.
And even IF you could get them to settle you will be burning American Express, Chase, US Bank, Barclay, Citicard. Several of these banks have VERY long memories and you will be blacklisted. Also your score will be shot for years and the only cards you will be able to get will be low limit/subprime.
No one likes paying interest but some times it is what you have to do when you make a mistake and borrow more than you have money to pay off right away.

[Anonymous]

what about this article? https://jamesaltucher.com/2015/08/dont-pay-credit-card-debt/

[Anonymous]

I have every intention of paying banks back. AMEX put me on payment plan- $23K of balance, $410/month at 5.99% interest rate. No prepayment penalty. That's feasible. I am willing to negotiate with banks and work something out. 

Chase on the other hand, is not yielding. This is on my business credit card and I could just walk away if I want to. This lady told me a few times that no one could adjust interest rate and doing so would violate Truth in Lending Law because different customers would be getting a different interest rate. Is that a real reason? I don't think so. Then they transferred to customer credit team to work out a payment plan. I asked what the interest rate is.  He said it depends on your situation. I was like well, wouldn't that violate Truth in Lending Law?   Someone said don't give your financials like your income so I didn't proceed at this point. Chase and I are not getting anywhere at this moment.

[dragontears]

FYI any business card you PG will show up on your personal report if you default. So unless those cards are corporate cards and your business is BIG you can't just "walk away" from them

[Anonymous]

Yes I originally did not see the business cards here. This is a problem due to possible PG. 

If OP makes 100k , this is about 6k after takes. Assuming these debts have an overall interest rate of 15% , 2700 a month will pay this off in 10 years. 

Not sure what OPs budget or expenses look like, but this looks doable. 

[HiiiPoWeR]

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@Anonymouswrote:

I would not be surprised if bitcoin falls further. What is it today ? 7900? 

I’m not saying there isn’t a place in the future for crypto. Just a number of headwinds especially if govt gets involved. 

Betting on a crypto rebound is pure speculation 

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I was correct bitcoin has fallen to 6800 dollars and will continue to fall. It's a bad investment, especially when buying at the top of the market, so he definitely shouldn't bank on rebound.

[Peteyglad]

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@Anonymouswrote:

Or if you have faith in a rebound, cash out just enough to pay your minimums each month, and if it rebounds, great.

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This is my suggestion. Pay as much of the minimums you can from your salary and sell just enough coin to cover the rest of the payments .