Your debt elimination options are quite simple:

• Do nothing: You can pay the debt off over time at whatever rate of interest your creditor decides your should pay. If you read the fine print they can change the interest rates whenever they please. In other words, $10000 of debt will take 20 years at 10% interest, 61 years at 20% interest paying minimum payments, etc.
• Consumer Credit Counseling: An activity started and funded by credit companies. Their premise is to lower the interest rates for up to 9 months. You pay one amount for all your credit cards to the CCC Company and they distribute a monthly payment to your creditors on your behalf. Your credit rating is adversely affected for up to 3 years because they are a 3rd party acting on your behalf. The CCCS reports it to the credit reporting agencies, making it nearly impossible to get a loan for a car or other major purchase. CCCS companies work for the creditors, not you.
• Chapter 7 Bankruptcy: This is total bankruptcy. You may get to keep your car, but if your home has equity, it goes too. Chapter 7 stays on your credit report for 10 years, during which time you'll pay the highest possible interest on all your purchases. It never goes away.
• Chapter 13 Bankruptcy: This is more like a payment plan. It stays on your credit report for 7 years. It is generally a 5 year program and approximately 80% of people who file Chapter 13 Bankruptcy fall out of it before it is discharged or completed. The debts originally included in the bankruptcy are therefore still fully owed, the derogatory remark is on your credit report to stay, and again you pay more for everything you purchase on credit for the next 7 years.
• Debt Settlement: Settle your debt with your creditor for 40% to 60% of what you owe, in 12 to 48 months. Your credit rating drops while you are on the program but rebounds as you eliminate debt. By the end of the program you are debt free and can rebuild credit in as little as a few months.