[Steve8]

My question involves collection proceedings in the State of: Wisconsin

So I've run into a bit of trouble concerning my credit card debt. I have no idea what to do and the stress is truly taking a toll on me. I've racked up nearly $7000 in debt. My problem is I was late on a few payments due to relocation and a new job that paid me less. Now both my card's minimum payment is over $1000 and there is no way I can pay either of them. I have no idea what to do and really need this burden off of my back.

Any suggestions are greatly appreciated.

Thanks.

[LawResearcherMissy]

Have you discussed a payment plan with your card issuers yet?

[Steve8]

I have not. To be completely honest I'm ashamed and am afraid of being belittled. What kind of plans do they usually offer in my situation? Is debt consolidation or debt settlement an option or is it a scam? With my debt would it be ridiculous to file bankruptcy? Its not something I'm considering but I just want this over with. I've learned a very valuable lesson and I'm still young enough (25) to fix my credit.

[LawResearcherMissy]

$7K in debt, while certainly hefty, is really not unmanageable with the cooperation of your creditors.

It is VITAL that you contact your card issuers immediately. Explain your situation and ask for help in working out a payment plan. Then ask for it in writing, and STICK TO THE PLAN.

If the person you speak to is rude or belittles you, ask for a supervisor. Keep going up the chain of command until you get someone reasonable. (Truthfully, I've only ever had to do that once. When we had problems years ago, our creditors - except for one - were kind and helpful. We crawled out of a $10K hole in about 6 years.)