I see that others have offered plans and answered questions - I have 45,000 in Credit Card (CC) debt. ...I will not have the means to pay it off. We had only a brief conservation and for the past 20years I have made all my payments on time and not used the card in the past 24 months.A- What are my options?B- What is the likely hood of the CC organizations doing a given suggestion.C- What is the down sideA- sucking it up and paying it offOROffering a settlementIf you settleC- your credit will be trashed and you will have to NOT live beyond your meansA/B - until you quit making payments, the CC companies won't negotiate with you AT.ALL.You have to STOP paying for 3-6 months (and trash your credit) in order for them to pay attention.At that time you no longer agree to anything on the phone- you request and conduct all exchanges IN WRITING.You can offer to settle for about 20-30% of your total.WHen you do that, the CC company will either want that amount all-at-once, or in a maximum of 4 payments.If you are even ONE MINUTE late on those payments, all bets are off and you go right back to the original balance and at a terrifying interest rate.all that- PLUS- you will get a 1099 for that year for the "forgiven" balance. Be prepared for the tax liability there.(example- you settle your ~$45K balance for $20k, you will get a 1099 for $25k) I am not encouraging these actions, just providing answers.peace & optionst
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