Locking credit Card?
My wife has gone back to school, and our income level has changed, which has left us with 11k on a credit card that we can only make the minimum payment on each month, which is essientially just paying the interest on the account. I've heard that some people going through hard times can get credit cards locked and just pay the balance without incurring anymore interest. Is this just an urban legend or something that just applies to people filing bankruptcy (I heard about this happening to people trying to prevent going bankrupt)?
I don't want to do anything that hurts my credit, but I hate to just pay interest for the next 2 years until she finishes grad school. Thanks for your time.