Of course, you shouldn’t start running up debt again. Call (800) 565-8953. If it was, no one would be in debt. Thanks to all authors for creating a page that has been read 92,523 times. The problem there is the statute of limitations is somewhere between four and six years in most states. Brief content visible, double tap to read full content. For example, say, “Hi. You pay the minimum on all other cards and then contribute all remaining cash to the card with the highest APR. Define your goals. However, your credit score will tank because you have stopped making payments. Avoid taking out a home equity loan or line of credit, since you’ll be at risk of losing your home if you can’t make payments. Debt management plans are administered by nonprofit credit counseling agencies and can help you consolidate debt without have to take out a loan or do lasting damage to your credit score. The only way to get out of debt without paying anything at all is to prove the debt isn’t yours. Your credit score will get dinged, but the damage will be less than if you rack up bills again. This “hard pull” will reduce your credit score slightly for about a year. Expert Interview. This book documents his journey out of that hole. "It helped to know that credit unions will help me the most in my current situation. Sometimes it is hard to imagine getting out of it, and you can feel like your back is against the wall. For personalized financial support, visit a non-profit credit counselor for financial advice. Generally, you will write one check to your credit counselor who turns around and pays your creditors. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/e\/e2\/Use-Credit-Card-Debt-to-Grow-Your-Business-Step-14.jpg\/v4-460px-Use-Credit-Card-Debt-to-Grow-Your-Business-Step-14.jpg","bigUrl":"\/images\/thumb\/e\/e2\/Use-Credit-Card-Debt-to-Grow-Your-Business-Step-14.jpg\/aid2924886-v4-728px-Use-Credit-Card-Debt-to-Grow-Your-Business-Step-14.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"