Sink or Swim??

[Anonymous]

Hi.  There is so much to be read here I don't know where to start so I'm going to ask you all what to do.  I have a ton of debt, too many cards and now doctor bills and student loan debt.  Suffice it to say I'm a worst case scenario of what happens when you don't use credit wisely.  I just seem to bounce it from one card to another.  Well, now I've been out of work since August and unemployment has run out.  I would say this is a good time for a bankruptcy or a debt resolution company to take over and negotiate for me.  Which way would I be better off? The anxiety has sent me to the hospital and I can't take it anymore. As of this moment, I'm still current.  But my rates are high and now I'm going to have to pay these student loans right away because I flunked out due to anxiety attacks. Any advice at all is welcome.  I'm still dog-paddling at this writing.

[Anonymous]

Hi, Overextended, and welcome to the FICO Forums!

I'm moving your post to the General Credit Issues Forum, where it is more on topic and where you will likely receive better input on your situation.  The forum where you posted is reserved for discussions about credit cards.

Welcome again, and thanks for contributing!

[Anonymous]

Without knowing more details about your situation, one of the first things I think I'd recommend is requesting a forbearance on your student loans so you don't default on them. The lender may be willing to work with you, especially since you're unemployed. I was granted a 12-month forbearance a few years back after being laid off from my job, and it really helped me get through a rough time. Just remember that interest will continue to accrue.

Good luck with your situation. You came to the right place to learn more about how to handle it and figure out a plan of attack.

[Anonymous]

Welcome overextended.  I would advice you to call the FDIC....ask for the phone # for the CCC....you do not want the # for cust.service...ask for # for admin.offices.

Call the admin. office & ask to speak to someone that can help you with a CC that you have with them.

Talk to that person & ask for help. They DO have the right to lower int.rate  but only on what is on your CC now.     that will lower your payments........I do not know if they can offer a settlement.

BK is not always the way to go BUT your health is more important.

You might want to talk to a BK lawyer for advise.