What Is the Best Debt Solution to Clear My Credit Card Debt and Live Peacefully Again

First I want to recognize and thank you for pointing out a goal other than dealing with the immediate situation. You mentioned living peacefully with your finances again. All too often the end goal is not brought into the picture of debt solutions and concerns that are brought up on this and other sites. We cover the goals and financial wellness with CRN members as a built in with out product. But living peacefully in your financial life is missed a lot when the focus of reader interaction is debt triage, and dealing with unfortunate issues going on real time.

Being saddled with 70 thousand dollars of credit card debts you cannot afford cannot be peaceful. So, I am going to run down the different debt solutions you can look to, and weigh those options beside being at peace with finances.

How to choose the best credit card debt solution that is right for you.

Your credit card balances are already charged off. This means any attempt at obtaining peace in your life is being constantly interrupted (probably daily), by collection phone calls and constant mailed reminders that you have a whole bunch of debt not getting paid. Debt collection calls, for many, are the most aggravating and stress inducing aspect of where you are at right now. Those types of efforts are only going to continue, and for what will seem like indefinitely, until a solution for the debts are reached. You have the additional stress of dealing with the most aggressive form of collection – collection attorneys suing you. This increased layer of stress will not go away without a more immediate solution.

In order to provide more than general feedback about the remaining debt solutions available to you, I will need you to answer some questions. You can answer them in the comment box at the bottom of the page.

Who were the original creditors that issued you the credit cards? What were the balances on the accounts when you stopped payments?

Who are the debt collectors contacting you on the accounts not currently in the courts?

What are the names of any collection attorneys you are dealing with? Who do they work for, your original creditor, or a debt buyer?

What amount of money can you get access to in order to resolve the debts right now? What amount can you save up over say, the next 12 months?

Is your husband fully recovered from his illness? Are there ongoing hardships since then? If so, please describe them.

Have you thought about bankruptcy? Consulted with a bankruptcy attorney?

Are you both working? Do you own a home? Is there equity in the home?

What state do you live in?

Answering my questions above will give me the detail I need to help you evaluate the costs, access, and benefits of what is likely the only to reasonable debt solutions available to you. Those are settling the debts for less than the balances owed, probably starting with the debts that are currently with attorneys (though not always starting there), and filing for bankruptcy.

Once you post your answers, I will continue with feedback focused on being able to gain the peace you are looking for as well.