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I have been struggling to pay the minimums on 5 credit cards. Recently, I was late on one and now my interest rate is 32.24%. What will happen if I just stop paying my credit card debts?

This is actually what happens when you enter a debt settlement program. You stop paying your credit card companies directly and instead you pay into a trust account that the debt settlement company sets up for you. The money stays there for many months until enough has accumulated so that the debt settlement company can start negotiating with your creditors to try and reduce what you owe by a significant amount.

If a settlement is reached, the credit card company will then be paid the money in your trust account.

Whenever you stop paying your bills, there are consequences that range from your credit score being badly damaged to a court judgement to having your wages garnished to help satisfy the debt. You should not just stop without researching your debt relief options from debt management to debt settlement. The debt will never go away so if you face the problem now, your headaches will be less severe in the future if you know what I mean.

At a minimum, you should try and reduce your interest rate by transfering that debt into a credit card with much lower interest rates. I hope that helps.