Does that mean, your credit has totally been messed up? Did you stop paying your credit card debt? If so don't go for debt consolidate, that may hike your budget. I would rather suggest you to call credit card company and tell them to that you are unable to pay off the debt (just make some reasons), therefore you would like to them to settle if they cut off their debt by 30 ot 40%. And remember to tell them that you will be only able to make monthly payment. I guess this is better and consolidating. If you do not care about your credit history for next 7 years then file bankruptcy. You do not have to pay a penny.