I am buried in debt - What should be my next step?

I have 2 credit cards, 3 personal loans, 4 utility bills, 5 medical bills. My total debt amount is $80,429. What step should I take next? File bankruptcy or go for debt settlement, consolidation or management?

2 Answers

Go to a credit counseling agency and attend a free counseling session. Get some useful tips and strategies from the counselor and try to implement them. If you are not able to manage your debts even after using the tips and strategies (suggested by the counselor), then you may enroll into a debt management program.  

Filing bankruptcy will not be a good decision for you. At first you may try to negotiate with your creditors/lenders on your own. If it’s not possible to negotiate yourself, then you may go for debt consolidation or debt management. This is because debt settlement hurt your credit score.

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