Debt consolidation guidance

[Citylights18]

What if your partner had access to a line of credit where the payments become smaller over time?

Take out something like a HELOC for you and you make the payments?

[og-aliensfan]

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@Citylights18 wrote:

What if your partner had access to a line of credit where the payments become smaller over time?

Take out something like a HELOC for you and you make the payments?

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 Wouldn't that mean OP would be using their home as collateral?  If OP defaults on unsecured debt, like credit cards, they can be sued, but the bank can't immediately move to take their home.  But, if OP defaults on a HELOC, their house is at risk.  I'm not a fan of moving unsecured debt over to secured debt for his reason.

[FicoMike0]

It sounds to me like getting another loan is kicking the can, you really need income to ever pay this debt.  Bankruptcy is a drastic step, but you look like a candidate to me.  They might charge off the $15000 completely.  Your $150/ month sounds like less than a sure thing. I'm sure a lawyer could describe it as nonexistent.

[Creditwiser]

Unless you have a steady income it will be almost impossible to obtain a loan in any amount sufficient to consolidate. It looks like 10k would get you where you could breathe but then you'll have the 10k loan to deal with and still have a pocket full of credit cards. Thats dangerous without steady income or emergency savings to fall back on.

What can you sell and live without?  Can you borrow from family/partner ?    If not then you need to consider bankruptcy as others have mentioned.Talk to an attorney and you just might walk away feeling better.  

Its likely that your credit is going to tank if you cannot obtain a loan or come up with the money elsewhere each month to get a head of this.  If you slip then your credit will too. Only now you'll still owe these Creditiors. Bankruptcy will trash your credit as well. Difference there is you have a clean slate to move on with life. I filled 10 years ago and it seemed like the end of the world to me.  It was far from it. I soon learned how to move on with it and I recovered.

Sit down and look at your options for this situation. Having no income is a big hurdle for you in this case.  I wish you the best of luck and hoping you'll soon find peace of mind.

[RedKhaos]

A lot of the CC lenders offer "financial hardship" programs that'll lower/defer interest payment, but specific details aren't public. Plus, you have a lot of creditors you might need to call, which can be very taxing.

If you are feeling overwhelmed, I'd suggest reaching out to a (non profit) professional to at least know where you stand. National Foundation for Credit Counseling at https://www.nfcc.org/ is a decent start. You can fill out a form and I'm pretty sure their first session is free and they can educate you and give you concrete steps/options you can take. Just don't sign up for a "plan" that you have to pay for without careful consideration.

That's also my general suggestion. Even though you're anxious to "solve" your issue asap, you should take the time to learn as much as possible and carefully consider all your options. A rash decision could make your situation worse, especially since there's a lot of for profit companies that will be happy to take more of your money to "help" you.