Your credit card companies have been mercilessly raising your interest rate. They are some other version of the payday loan. In Las Vegas, practically in every shopping center, there is a pay day loan. Guess what there interest rate? It is never less than 400 to 500 %. Please folks stay away from payday loan. They are the modern version of cocaine and addiction. I had seen even well off people going there and taking these loans. They are easy to get and very difficult to pay. Here, is what I found in NY Times about credit card companies slashing their bills and making and offering deals to consumers. If you are smart enough you can try the same and ask credit card companies to cut your bill. The condition is that you have to pay it right away and trash your card afterwards.