My friend is in debt about 36k spread across 6 different credit cards.
He is paying about $300 in interest per month alone!
I don't think he will ever pay this debt off...
Anyway my question is,
Wouldn't it better to just stop paying the debt all together? Then after 7 years he can basically start off fresh again?
What would be the consequences of that? Would he get a clean start after 7 years?
Would his credit rating start from zero after the 7 years?
Would he be better off filing for bankruptcy?
Other then going to one of those credit counsellers, is there any other options?