Do nothing, is exactly as it sounds. Unfortunately even if you are doing nothing, your creditors will definitely not do the same. This will most likely result in lawsuits, repossession, and a lot of stress. Ignoring your debts will never make them disappear, but it will most certainly cause you more grief and stress in the short and long run.
Debt settlement
Debt settlement involves negotiating with the credit card companies to reduce the total amount of debt that you owe. Debt settlement is a fairly aggressive approach to credit card debt relief, with some of the advantages being that most consumers are able to significantly lower the amount they owe and, instead of taking up to 20 years or more to pay off the balance, a more aggressive debt counseling program can have them debt free in 12 to 36 months. A debt settlement client will immediately notice a substantial reduction in their monthly payments compared to what their minimum monthly (usually interest only) payment was with the credit card companies. Debt settlement is an excellent debt relief solution for consumers who are in serious credit card debt (usually greater than $10K) and are unable or only able to make the minimum monthly payment and/or have already fallen behind.
