$40,000 in credit card debt and can't pay..any solutions?

Call Consumer Credit Counseling Services at 1-800-388-2227 they are the largest credit counseling service in the nation and are non-profit, they has agreements in place with all major credit card companies and can help you get out of this mess without ruining your credit.

I used them several years ago and was debt free in 36-months.

Some options you have are

- Debt settlement. If the bank knows that you will take over a decade to pay back the debt (if at all), they will often settle for a lesser amount. If one of your debts is for $5,000, you could offer $2,000 and they will consider it paid. Or they may accept $200 a month for 12-24 months as payment in full. It seems too good to be true, but the bank realizes that if you file bankruptcy, they get nothing back. If you do this, they at least get something. There are companies that do this, or you can do it yourself. Some companies are not very reputable. Be careful before going with a company to do this.

- Credit Counseling. Be careful, some companies are not very reputable, however, if you do find a good company, they can save you a lot of money. They will negotiate a low monthly payment with a low interest rate. Sometimes they can even negotiate a lower payoff.

- Bankruptcy. This should be the last resort for many reasons (only one reason being that it ruins your credit). Just remember that during this time you will not be able to save for your retirement or your child's college education. If the other two options do not work out, you may want to consider this.

Some easy things to look into. These probably will not turn into much, but you never know.

Go to your state's web site and search their Unclaimed Property database. Some states have a link on the first page, others you may have to search the entire website. Type in your name and see if there is any unclaimed property in your name? You may have old bank accounts, unpaid checks in your name. Do this in any state where you have lived or worked. The search is free (do NOT use a professional) and quick. If you have money, you can use this to help you out. Most claims are small, but some are very sizeable.

Find a tax professional and see about refiling your taxes. Most tax professionals will look over previous year's tax returns for free. If they can find something you missed, then you can refile (you only pay if you refile).

I had to answer this because this is my exact situation. We got married and put a lot on our card and even though we have paid each month we still owe what we owed two years ago. I think the credit card companies are putting the United States citizens in debt and they could care less. I have been searching for a way to get out and I have not found one. The credit card consolidation companies get a piece of everything, the banks yea they may give you a lower rate for one month but as soon as you are two seconds late they raise it again. I am sure your credit is not that bad or they would not have given you that amount of credit in the first place. I have still not found a way to fix it either. You are stuck because they will not give you a personal loan, and you don't own a house so they will not give you a home equity loan. Here are some options I have thought of and they may apply to you. Buy a house. I know it sounds crazy but if you can find a fixer upper, then put the closing costs into the loan get a 103% loan. You can still get a loan with credit card debt. Then fix it up as you go along if you can. In six months, you can refinance the house because since you did work to it, you made money and hopefully it will be worth 40k more and you can get a home equity loan and pay off the cards. I am stuck because a house where I live is a least $400k so I would need 20k for closing costs, and that is half my debt. I hope this idea may help you. But if you don't get any more rude answers because some people think your an idiot, when in fact you may be a very successful smart person, and you actually get an answer from someone that you can use, please pass it along to me, I think you can email me from yahoo answers. Best of luck and remember, I know what your going threw, and its not your fault. If you have to do bankrupcy, which I myself am not going to do unless I really have to because I dont mind paying what I did spend on the cards, try to see if you can declare bankrupcy and not your husband. Then at least one of your credit is good.

Ok, first of all Congress instituted the law that your minimum payments are now a legally $900 a month. You are not going to be able to get around that.

Interest assuming 10% (and if you are only paying $300 on the debt I bet your interest is 30-40%) is minimum, $333 a month and again, I will bet it is closer to $1000 or more, each and every month.

You will NEVER find a debt consolidation plan that will allow you to pay $300 a month.

My guess is you have missed/skipped many payments and are paying the default rates on most, if not all the debt. If true your credit is already damaged beyond repair.

Bite the bullet file bankruptcy and then live within your means.

Good luck to you.

You have a major mess on your hands. Paying $300 a month will put you on an amortization schedule of over eleven years of payments, and that's not counting any interest....only principal.

You've made the correct moves in getting control of your spending habits, but you've done it far too late. You now have the $40,000 elephant hanging over your heads. Other than bankruptcy, you're facing over fifteen years of living hand-to-mouth, making payments, and salvaging your credit.

Those are your two choices. Live frugally and pay it off as best you can, or file for bankruptcy and ruin your credit.

There are not alot of options after making a mess, aside from cleaning it up.

Pay off what you owe.

Try taking to a loan consolidation company to see if they can lower your monthly payments.

talk to the bank people and ask them wether u can pay in installments?

or find some online jobs...ther are many online jobs in US...

Second jobs, garage sale, sell your car, sell stuff on eBay, third job, cut up cards, fourth jobs, sell more stuff on eBay.

What did you buy?

Get a better job.

Go back in time and don't get into $40,000 debt.