Lynchburg, VA - Many of us would love to pay off our credit cards. But consumer data shows more and more people can't. For them, bankruptcy seems inevitable. But help could soon be on the way.

Banks and consumer groups want to erase much of that debt. They think it would help everyone. The consumers would get a break. The banks would get their money back and it wouldn't cost us taxpayers a thing.

At the grocery store, at the gas pump, credit cards aren't just for emergencies anymore. More people are using them just to get by.

Margaret - "Is it a struggle to get those bills paid every month?"

Emory Hollins, Credit Card User - "It is, every month."

Now more consumers, feel there's no way out.

Hollins - "I don't know how to get out of the cycle, I need help."

Help may be on the way for people like Emory Hollins who maybe close to declaring bankruptcy. The Financial Services Roundtable, made up of consumer advocates and banks, is asking the government to allow banks to forgive up to 40% of credit card debt for people who are on the road to bankruptcy. The remaining 60% would be paid back over five years at 0% interest. Helping people stay out of bankruptcy court and helping banks out too.

Joan Foster, Alliance Credit Counseling - "If you go bankrupt, that's 100% of your debt that you aren't going to get paid back, in this proposal they would be paid back."

Michele Fitzgerald, Lynchburg - "That would help a lot of people, including me."

Participants would also have to be enrolled in credit counseling.

Foster - "This would teach some responsibility."

But others worry it may do the opposite.

Reginald Goodman, Lynchburg - "You don't know what might happen. It's hard to tell. People take advantage of this type of thing."

And they do want to test this program out. If the government approves it, 50,000 people will participate. They'll be followed for a year and a half to see how it goes.