There are several different schools of thought about what order that you should employ when paying off debt. Some say to attack the high interest debt first. Others say that you should get rid of the smallest debt first. Depending on your style of personal finances, and what motivates, either of these methods can work for you. But there is another method for deciding what to pay off first that I read about at Poorer Than You: How annoying the debt is.
Debt annoyance theory
This theory of paying off debt has you look at what debts are bothering you the most. …read more

Debt settlement may be an option.

Right now, there is a lot of interest in reducing consumer debt. Many people, looking at the recession and looking at their credit card (and other) debt, are concerned about the future. So they are turning to others for help. However, warns MarketWatch, it is important to be wary of these offers from possible scammers:
They hook hard-pressed consumers who have mountains of credit-card debt with media pitches about how they can negotiate deals with creditors for pennies on the dollar. They win folks’ confidence by telling them how the card companies will be happy to take whatever they can get …read more