$89k credit card debt can’t keep up minimum payments, need advice
I currently have 8 credit cards across different banks, and my total balance is about $89,000.
I lost my job two years ago, and after I got back to work, my income dropped significantly to the point where I could only afford making minimum payments.
To give a bit more context, my total credit card debt at that time was around $40,000. However, over the past two years because I was only able to make minimum payments about another $40,000 in interest has been added to my balances.
At this point, I’m really no longer able to keep up. I also don’t qualify for Chapter 7 bankruptcy since my income is above the eligibility threshold.
I’ve already cut all non-essential expenses and canceled every subscription I could, but my disposable income is extremely limited and I basically have no cash flow left at the end of each month.
I’ve contacted all my creditors to ask for help, but I was told that since my accounts are still current, I don’t qualify for any hardship programs.
Starting this month, I may not even be able to make the minimum payments anymore.
I’m worried about the possibility of being sued and having my wages garnished here in California.
Honestly, I’m feeling extremely stressed and overwhelmed by the situation and thinking about it constantly.
I’d really appreciate any genuine advice or guidance.