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I am approximately 5 months behind in credit card payments. I am trying to pay them, but have found myself over my head and frustrated. My paycheck is too small to beable to pay them. I am looking for other options but have not found one. My credit score is low because of not being able to pay on time. I have creditors calling and don’t know what to do. I tried looking into a credit counselor, but they told me they cannot help me because I dont make enough to even begin to consolidate. They gave me one option, file for bankruptcy. I don’t want to file for it makes it harder to even fix your credit problems. It is like a dead end for a long duration of time. Do you have any suggestions?

Unfortunately, your situation typifies what millions of people are now facing in terms of their debt problem. In short, not enough income to pay it back even with the careful budget planning of a debt management program offered by credit counseling agencies.

So what options does that leave you?

1. Debt settlement program – Will typically be able to reduce your payment much more than you are able to in a debt management program

2. Bankruptcy

However, as you mention, both these options will not preserve your credit score. The only way I know of that will get you out of debt and still preserve your credit score is to pay back everything you owe. Unless you can get a lower cost loan (unlikely these days), then I hate to say there is no magic solution. A badly damaged credit score is often the sacrifice many people are forced to make to get out of debt because all too often there is no other way around it.

Sorry I don’t have a better option for you. I wish you the best.