Rebel they factor defaults into their interest rates... thats why they are so high... you are effectively paying 'insurance' by paying credit card interest rates.
Insurance against the banks not getting paid back.
You've been paying the monthly insurance premiums for what sounds like a long time now... don't you think you are entitled to make a 'claim'?
(by not paying the banks back... just for 3 months, then paying them back at a reduced rate, then paying them a lump sum of 30-50c to clear the debt for good)
That is the responsible, courageous thing to do... and it's not declaring bankruptcy (which would actually be a good option if you had no assets ie house)
