I am recently divorced and have credit card debts of about $45k. I cannot afford my credit card payments but everything is current by putting myself deeper into debt. It is a cycle I need to STOP! What is the BEST option for me. Online you find debt elimination companies, debt consolidation companies, debt negotiators, etc. I don't want to ruin my credit cause it's still in tact. What do you suggest?

My spending is under control it is mostly my ex wife's credit cards from my divorce.

Thank you!

Shuggydoo:)

You are asking for an answer that can't be given.

If you truly can't afford the payments, then there is no way to protect your credit, it is going to suffer no matter how you settle this debt.

You have to be behind before any of the debt elimination services can really be of any help.

The credit card companies will not accept settlement on your debt until it has been charged off. This means months of negative reporting as your delinquency ages and then
The accounts, if settled, will be marked as such.

You could try a credit counseling service, but if you really don't have the funds to make payment arrangements, it will not be of much help.

If you are getting money from one card to pay the other, you must stop that immediately and face the problem head on. It won't be fun, and will probably take up to 5-7 years to get it back to the condition you are in now, but the more you delay and dig the hole deeper, the longer you will suffer the consequences.