Contact the company. Let them know your situation, perhaps they will negotiate terms. Consider getting a 2nd job, have a rummage sale, sell items on ebay or craigs list or consider do odd jobs for neighbors/relatives.
First of all, contact your creditors and ask if they can work out a lower payment plan. You might need to get a second job, or move to a cheaper housing situation. For extreme debt, consult a lawyer about bankruptcy.
Contact the creditor and explain your situation. Then request to set up a payment plan on terms you can afford. Do this before you are late so that you don't have negative reports on your credit report. If they refuse and you fall behind, then contact them and request a payment plan.
Identify all current expenses and define the discretionary spending that can be eliminated. Use the money saved to pay-off debt. Consider calling the creditors to discuss payment plans to meet your current cash flow.
Bankruptcy should be your LAST consideration. If possible get a second job or a higher paying job in order to pay off some of your debts. Try to see if they can make your payments smaller and more affordable to you.
You need to discuss the issue with the lender. If the lender is understanding, they may make an offer to change the terms of the loan. If your debt is with a credit card, then they may allow you pay a partial amount.
