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I have 20k in cc debt. I have never missed a payment and have a relatively good credit score. However, my student loans which I can no longer defer need to be paid starting in three months. I can’t afford to pay both so I’m trying to find a solution before then to relieve my debt. I signed up for a debt settlement program for my credit cards a week ago but now I’m having second thoughts after reading your Q&A’s about the severe effect on my credit score. I was looking for the fastest way to get out of the cc debt so I can only worry about my student loans. Not sure what I should do. Suggestions?

Unfortunately, I do not have a good answer for you. If you have both types of debts you cannot consolidate them into a debt settlement or management program so they must be handled separately. If you cannot pay both and cannot find the money you need from some source other than your income (maybe a loan from a relative?) or a much tighter budget, then you may need to make some serious sacrifices.

I understand your concerns about debt settlement and they are valid but if there is no way to come up with the money you need as mentioned above, then you may need to consider it or even possible bankruptcy. One other option is to look into a debt management program but that just reduces your interest rates on your credit card debts and may not provide the monthly payment relief you need. However, it is certainly something you should look into. I wish you the best.