Wally Currently Has a Balance of $14,500 on His Credit

Wally currently has a balance of $14,500 on his credit cards and he is having a hard time making the minimum payments on them. He has missed several payments and is now paying the default APR of 29.99%. He and his wife own a nice home with $40,000 in equity. They have $7,500 in a certificate of deposit with a 4% APR. He has come to you in tears asking for advice. What would you tell him to do?

A) Seek out a non-profit credit counseling company.
B) Cash out his CD and pay down his credit cards.
C) Become a convenience user, and maintain just one credit card.
D) Take out a second equity loan on the house.
E) All of the above.