<prompt> Human: Long story short... my income has decreased over 60 the last 2 years and I am struggling with my debt. I am actually paying much more than I am earning each month and have no savings. I spoke with an ACCC counselor non-profit credit agency who came up with a budget and plan that would reduce my current credit card debt from 900 payments to 465 through reduced interest rates. I would still pay all credit cards in full and on time but they would be closed which will affect my credit score which I dont really care at this point. Even with this plan I am going to be in the hole each month and still without savings. Income: 5600 net after taxes this could be as low as 4800 if my bonus changes Expenses: Mortgage: 1625 Cars: 850 Lending Club: 1100 Avant: 350 Credit Cards Pre-ACCC: 925 465 if I do the planTotal Balance: 20,000IRS Debt: 125 Student Loans: 200Car Insurance: 235 was only 65 before my kid turned 16 a few months ago Utilities phone, cable, internet: 280 Electric: 400 Total before groceries etc: 6090 With 4 kids our grocery bill runs 400 per month. So even with the credit card plan reducing my payment to 465, I am still in a hole that I cant get out of at least 500 short every single month. I have cut out our wireless plan with ATT to get on a no contract plan and changed cableinternet to drop my bills lower actually reduced those from 500 to 275. We have cut out all spending on eating out, etc. So I am considering stopping payments on the personal loans Lending Club and Avant in order to pay off the other debts faster and accumulate some savings because as of right now, if our car needed a major repair or some other financial disaster were to strike, we have nothing to use. I have less than 1000 in the bank currently. I dont care what happens to my credit score over the next 5 years, this isnt just an inconvenience at this point, it is a financial emergency to get on track. Sure I will be taking on collections and calls etc from Lending Club and Avant but they cant get money when I dont have money. My goal would be to pay off the credit card debt much more quickly than the plan would call for since I would have an extra 1400 per month from not paying the personal loans and save some money for emergencies... then settle for less on the personal loan debts down the road. Paying an extra 400 per month to my credit card debt would take my 48 month payment plan to just 22 months. Is this a dumb route to take? Please give your insight!  <response>: I agree with PA2SK, reduce costs. So the cars, electric or AC, and sons insurance are the first things to reduce. Youre drowning in debt by your own words, so take his advice. Also, if theres a way to make side income for you, your spouse, your son, and have everyone help out in this emergency, theres a way to make up the difference without stopping payment on your loans. Two ways to attack this: reduce your expenses andor increase your income. I would do both. Look into the meal planning subreddit to reduce your food costs. Also if your credit is still ok and your reduced income just happened, you might look into balance transfer with chase slate as a way to stop the bleeding. 