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My husband and I have $120 in credit card debit due to the building of our home and because the market is the way it is we cannot refinance. Would speaking with a debt settlement company be a good idea. We are using all our savings to pay the minimum on all the bills and our savings account is just about depleated.

It sounds like your options are getting lean so I suggest you do something to help your situation. Yes, speaking with a settlement company is a good idea to see if that solution is an option for you to reduce your debt. It sounds like if you do not start drastic measures you could be heading for possible bankruptcy and those situations are the ones best suited for settlements. You are only paying your minimums and interest on $120,000 in debt piles up very fast.

If the payment reduction that a settlement company can provide you helps but still leaves you struggling to pay your bills, you may need to look into selling your home if you have some equity in it. I hate to even suggest that but you do have A LOT of credit card debt. Getting rid of it will not be easy and you should leave all options on the table as hard as that is.

I believe that too many people are scared to consider drastic lifestyle changes like selling a home until it is too late and they are forced into bankruptcy.