Originally Posted by newbymom05
So should I start shoplifting from WalMart because I don't agree with their business plan or the way they treat employees? If you incur debt, you're supposed to pay it. People can't, fine, but please don't present abdicating personal responsibility as some kind of Us vs Them noble act.
Oh, and the tax write off on the losses--who do you think pays for that? Taxpayers!
It's one thing if, for example, you have accumulated debt because you have a SN child and insurance doesn't cover expenses. That's a whole other set of rules. But if you have consumed goods that you could not actually afford, then the ethical thing to do is to actually pay for them. When you use credit cards, you agree to abide by their rules. If you don't like the rules, then don't use them. Anyway, I don't think the OP was asking "how do I get out of paying this", but "what can I do to pay it off faster". Well, bankruptcy isn't the answer, IMHO.
OP, you've already lowered your interest rates. You can ask the cc companies to lock that rate in if you close your accounts. At that point, they can't raise your rates anymore. You agree to rate hikes as a user of the card when you keep the account open and active. Yes, there could be better gov't regulations of those rates, but by closing you account, you can lock in the rate and pay off the balance at that rate.
Suze Orman has lots of good advice without the religious aspect. She has been an advocate of "snowballing" debt for many, many years. If you do want the Christian perspective, the originator of the "snowball" method of debt payment was Larry Burkett. He came up with the blueprints that Dave Ramsey now makes money advocating.
You might look up some of his books and articles.
Then I would evaluate how the money is being spent. Nearly $50K is not an insignificant amount of consumer debt and it's obvious you are living way beyond your means. Why is that? As TiredX2 said, there is a lot more that needs to be looked at before deciding how to proceed. Good luck!