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Chapter 5. Coping with a Credit Crisis > Step 3: Choose Your Path and Take Acti...

Step 3: Choose Your Path and Take Action

When faced with unappealing choices, it's natural to procrastinate. But after you've assessed your situation, gathered the relevant information, and sought expert help, the path you need to take should be pretty clear.

Option 1: The Pay-Off Plan

If you can pay off your unsecured debts without help or with the help of home equity borrowing, you're ready to take the first step: cutting up your credit cards. “What?” you might be saying. “Cut up my cards? How can I live without my cards?” News flash: People do it all the time.


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