Newbie needs help

[uptomyears]

Thanks for the reply. Yes, I agree with you. Nothing has been put on his cards in years and if left at the original promised rates they would have been paid down or off. Most of them started out as balance transfers to low interests rates (2-4%) till paid off. I played the game. Moved stuff around and took advantage of some of the bonus checks to get a new furnace and household repairs that also were very low interest for life. Bof A took Fleet over in 3/04 and they jacked rates up to about 21% then 24% and doubled the payments. now they are at 31%. Some were original BofA cards with similar deals. With those rates, why would I go get a bank loan at 10%. So now 4 cards are owned by BofA. They set you up to fail. I always paid on time and paid more than the minimum. Now they claim high risk because the debt to limit ratio is too high. One card has $2300 bal. The payment is close to $300 a month. It started out at $40. They knocked the limit down from 14k to 2700. They all followed suit and now most are near 90% maxed. Credit score tanked. went from 720 to 616 in the last couple months with no late payments. So refinancing isn't an option to clear the debt. My debts are mostly due to my failed business I closed last week. CC's, equipment lease, suppliers. What a bad time to start a business. Who knew this was going to happen 2 years ago? Yes Ch7 would be the best. We need to make an appointment and see what are options are. As I said before losing the family home is not an option so we have to do what is best even if we have to pay some of the cards.