My question involves collection proceedings in the State of: NY
I am 23-years-old and a recent college graduate. Right after college I moved down to the NYC area. I am a full-time employee, however do not make much money.
I have occurred close to $6000 in credit card debt from Citi bank, Chase, Bank of America and GE Money. I make roughly $25,000 a year and am having difficulty paying these. I am able to make the minimum payments on all of these(Although it's not easy, paying rent and the rest of my bills). Now my question is, I don't think paying these minimum payments I'll ever be able to pay off these bills, so how should I handle this?
Should I continue to pay these minimum payments, struggling to make ends meet, in hopes that I can hold them off long enough till my salary increases and I can pay these off, or should I just stop paying them, in hopes of settling for pennies on the dollar?
I'll admit that I am a bit naive in this, and am currently witnessing my parents going through bankruptcy at the moment, and it scares me. Any help would be GREATLY appreciated. Thanks.

