"I can't pay my credit cards!" This statement is becoming all too familiar during the current economic downturn. Folks are finding themselves deeper and deeper in debt, and options seem to be disappearing fast. There are still ways to get out from under your debt however.

One method of getting out of debt is the debt rollup strategy. Here you take the lowest balance card you have, add an affordable chunk of cash to the minimum payment each month until it is paid off. Then take that entire monthly sum and add it to the next lowest balance card and repeat. After paying off all your cards in this fashion, move to your mortgage. Use the entire amount you were paying to the last card monthly, add it to your mortgage payment. Using this method, you can typically pay off everything in about ten years.

Another solution to the "help, I can't pay my credit cards" problem is debt settlement. Debt settlement is contacting your creditors and negotiating with them to pay off your balance at a lower percentage than the total. Typically, successful settlements are for about half. So if you owed say $1000 to a company, you could settle for $500. More and more people are choosing to go the settlement route, and an industry has sprung up to cater to people that want to shed their debt this way. The drawback to having someone do a settlement for you is that they will charge you quite a lot to do something you can do yourself. If you simply stop paying on your credit cards, you will receive a lot of phone calls and letters, and you will likely receive a settlement offer from the company.

The above methods work to eliminate your debt. Don't say "I can't pay my credit cards",
You have viable choices available that'll work for you too.