There are a few ways available to help you clear your debt; two of the most popular ones are debt settlement and bankruptcy.
To eliminate big unsecured debt you can use debt relief options; one of which is debt settlement. This option will allow you to pay back only a part of your debt and with lower interest rates. This is possible by expert negotiation and a bit of blackmail; but it is always good to have leverage over your opponent, and this is no exception. You can explain your bad situation to the creditors and hope they have mercy on you, or you can tell them that if they don't reduce your debt to an affordable amount you will be forced to file for bankruptcy. It is best to hire a debt settlement company to handle the negotiations on your behalf because they have more experience and can get a better deal. With the help of such company you can reduce your debt by 40-60%. The rest becomes affordable and can be paid in installments, but not directly to the creditor and into a separate account opened specifically for this purpose.
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You may think that if bankruptcy is bad for the creditors, then it must be good for you. Well, bankruptcy is never good for none of the three parts that it affects; the creditors lose money, you lose your reputation and the economy goes one step back. It is true that once you are declared bankrupt you are debt free, but this will take a while and can cost a pretty penny. You will have to do all the needed paperwork which is quite a lot, and you will also need a lawyer to represent you, this can be very costly. And even if you do all this and you are declared bankrupt by the judge, no creditor will grant you a loan due to your low credit score; this can become serious when you need a loan for personal reasons in the future.
It is up to you to choose the one you think is best for you and eliminate debt the best way you see fit.
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