"I'm not able to deal with my debt; I think a better choice will be bankruptcy!" … An easy exit is not always the better option and in these hard times that the economy tries to get better, we have to find out the best solutions if we are not able to pay our credit. We can find a good solution if we stay calm and search for better options. Here we try to help you with some ideas.
With a cool head everyone makes a better decision; do not hurry, look for payment options, plans or starting to look for professional help could be a good option too. If you decide to look for help you will have to search for "Credit Counseling Service", they will help you manage your debt asking you for financial history and payment methods to heal the debt and they will be the ones that will deal all the negotiation with the bank or financial institute; as well they will teach you some ideas to handle a better economy.
Once you've decided you will have access to a Debt consolidation program, this means that a company will re-negotiate you with the bank or financial institution, even though you will lose it. every right of it, but your name will be deleted from the debt and it would appear like if you already end the payment. This type of company will evaluate how you deal with finance and will give some advices too.
If you do not trust any of these companies it would be better to do it yourself, for that you first will have to figure out how much you could pay a month and for how many time, it can be hard but for that is not impossible, be accurate on your calculation and the good and bad consequences that can bring you new payment method, once you have this options go and re-negotiate with the bank, in that case you will see that 95% of this re-negotiation have a great ending because the financial companies do not want to take you away from you're the guarantee you put for your credit, they want their money back. Always remember them that you want to pay your debt, that why you look for a better amount with lower interest and without Default payments, those will increase your monthly payment and make things harder to complete. Make sure to make the best deal for your convenience.
Do not look for bankruptcy or another bad idea as a good option for staying away from debt or any credit problems, it can bring you a bad financial history and in a future you will see that it would damage your image if you want to access to another credit or loan, this information will also be registered in your record for at least 10 years or even more time. Try for better options and that you will always have positive results.