Financial Advice Needed – What would you do? Bankruptcy?

Tips and Deals Forums Consumer Credit Improve Credit Financial Advice Needed – What would you do? Bankruptcy?

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      What would you do?

      I had a credit score of 730, but recently it went down to 640 because credit card companies are minimizing my credit limit making me look like I used 90-95% of the available credit in each credit card.

      I have 5 lines of credit total – 3 Credit Cards and 2 Lines of Credit(loans).

      My 2 Credit Cards – I owe 9k out of 10k on each card.
      My other Credit Card – I owe 2k out of 2.5k
      My 2 Loans – I owe 11k out of 12k on each loan.

      I owe a total of 42k in loans and credit cards.

      Currently, I’m suffering because I’m having to take care of my family and I live paycheck to paycheck every month. I absolutely have NO available cash and want to save up for emergencies (my goal).

      Out of ALL my loans and credit cards for 10 years, I have *NEVER* had a late or miss payment.

      Question is:

      1. Should I stop paying on my loans and credit cards so they can offer to reduce my debt? That will hurt my credit.

      2. What’s the best way to reduce my debt and NOT hurt my credit?

      3. What would you do if you were in my situation? Should you stop paying and then let them reduce my debt, then rebuilt your credit later?


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