When there are no other alternatives you will need to consider bankruptcy.
While most people will never want to be in such a situation sometimes bankruptcy might be the best option because it will stop collection call agencies and other problems relating to severe debt.
Before you get to the stage where you need to consider bankruptcy you will probably be in a position where your credit score is very low anyway and there is little concern for any further damage that will be done to it.
Even though bankruptcy will show up on your credit report for ten years it will at least give you the chance to start rebuilding your life with a clean slate where you will not have to repay the debt or possibly only a portion of it.
Initially there will be very little chance of getting credit but as time passes by you will have more opportunities to get small amounts of credit and start rebuilding your credit score.
These small steps will allow you to continue rebuilding your credit score where you might never have been in the position to do so if you had continued to struggle under the overwhelming burden of excess debt.
Many successful business people throughout the world have faced bankruptcy in their career so even the best of them can come unstuck.
You need to look at all your options and consider what is the best for your long-term financial outlook rather than what you or other people might think.
At the end of the day it doesn’t matter what people’s opinions are as you have to do the best for yourself in your life and financial problems aren’t something that should dictate the quality of your life when you have done all you can to resolve them.
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