What is the possibility of repaying the debts if you had just lost your job? "Walking away" from the credit cards debts? Asking for help from your parents? Or declaring bankruptcy? Well, there are a few things that you could do to minimize the debts:

1. Find a New Job

Firstly, edit your resume according to each job descriptions for a higher possibility of getting a new job. Do not be so choosy or too particular on the job selection such as the location, salary paid or working in a different industry or new environment, try to take into account the opportunity of getting the job instead of you choosing the job. Take the initiative by "selling" yourself out to as much company as you could. Meanwhile, you could try to get a second job or a part time if you are able to do so.

2. Negotiation

Secondly, find a time to negotiate or communicate with the bank or debt collectors on how you can repay the debts. Try to negotiate with bank to decrease the interest charge or to increase the debts repayment period by stating your financial hardship you are currently facing. Please be polite and show your enthusiasm in repaying the debts by giving promises that you'll repay the debts in near future. One point to note here when you negotiate with the banks, debt settlement letter plays an essential role as a communication tool.

3. Debt Settlement Company

Thirdly, when you want to clear off your debts but do not know where to start and how to do it, you can seek a third party assistance which is a debt settlement company. However, you might need to incur a certain cost in order to get the services. If you do not want to incur extra cost just to get the debts settle, you could find a Financial Consultant in certain debt settlement center who could provide free financial consultation.

4. Cut off Unused Credit Cards

Fourthly, you have to cut off or terminate the excessive credit cards that you had applied earlier. This can reduce the extra expenses in paying the annual member fees, interests charged or taxes.

5. Saving

Last but not least, please save from now onwards, even by saving a penny a day might save your life in the future!