$150,000 is bad but not un-fixable. You should get credit counselling and speak to a lawyer about your options. Bear in mind credit counselors are often paid b

$150,000 is bad but not un-fixable. You should get credit counselling and speak to a lawyer about your options. Bear in mind credit counselors are often paid by the credit card companies. If you have to or decide to fulling pay down the debt do the following: 1. Cut your costs - Use coupons, shop after 12pm at night (stuff at groceries stores goes on sale then), couch surf. You should be able to get your monthly costs down to $500 a month. Be really aggressive about keeping your costs low, sleep two a room if that's what it takes. 2. Stop being an entrepreneur - there is a time and a place for everything. You might be made to be an entrepreneur but you need to sort out your debt first. 3. Take the best paying job you can and then take another part time job. Basically the goal is to work 80 hour weeks. If you can do that at 10 you'll net $3200 a month. 4. Pay down the highest interest loan first. 5. Sell any and all assets that aren't necessary (computers and TV aren't necessary). 6. Write down everything you spend money on at the end of the day. Assuming you hit $500 in monthly expenses, can average $10 an hour and have 8% interest rate on your $150,000, you can pay down $2,700 and you'll pay it off in 5 years 10 months. In reality you'll do it faster because when you get yourself back on track it will snowball. EDIT: 7. Refinance to lower rates whenever possible 8. Ask for help and tell people about your problem. Don't necessarily ask for charity but you might end up with a better job out of it.