[TaxDC]

I have very high unsecured debt. I can't keep up the minimun payments. would debt consolidation be the way to go, or should I declare bankrupcy.Which would hurt me more in the long run?

[NipoDebt]

if you do not own a house or anything else bankruptcy is better choice.

[Jax]

Hi, Bankrupcy should be your last option. Do not declare bankrupcy if you can help it.

If you consolidate your loans they will charge you a fee to do so. I would not consolidate if I could help it. You do not want to incure more debt. Follow the following steps.

First prioritize your bills

1-Shelter, food, utilities, transportation are your first priority pay these bills first.
2-Eliminate non essentials –cell phones, cable TV, internet ect.
3-Negotiate with creditors
4-Sell stuff to get cash
5)List bills with total payoffs from least amount to greatest amount and pay the minimum on everything except the first bill where you apply as much as possible until its paid off then move to the next bill. Reseach the snowball payoff schedule online