About six months ago I moved to a new city and lost my job. When this happened I called all my credit card companies and spoke with representatives about my options until I could get back on my feet. Only one offered to work with me and one of the reps tried to sell me something that he could charge to my card. I was very disappointed by this and, as I did not have the money to pay them, I defaulted on all five cards. Now I have three of them threatening to charge-off the account. They have asked that I contact them to work out payment options. Unforunately I know that paying on 5 cards including late fees is not at all in my budget. I have looked into consolidation but don't feel as though any company is truly going to help. I do not own my own home and I lease my car. What are my options and what exactly will happen when the cards are charged off? Also what happens when an account is turned over to a law firm for review? I am scared about my credit future and the way this is going to affect my chances of purchasing a home or a new car in the future. Additionally, I am planning to attend law school and was wondering how it will affect my chances of getting student loans. Thanks in advance for any help you can provide!
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