Bank of America reported a loan default rate of 12.5 percent in May, up from 10.47 percent only a month prior. Capital One, Discover, and American express have also reported rising default rates. Defaulted loans are loans the bank has decided they won't be paid back on. There are faces behind those numbers, perhaps even your own face. If you can't pay your credit cards, the worst thing you can do is nothing. If ever there were a time you felt like hiding your head in the sand, this is it. But you need to take action.

Follow these steps for a credit 911 rescue.

1. Perform triage and stop the bleeding. Sit down with all your bills and assess the damage. In order to revive your finances, you need to know exactly how much you owe, to whom, and what the minimum monthly payments are.

2. Don't charge another penny. If you're in this position, you've probably been using your credit cards for living expenses. Stop. You must live on what you bring home, even if it's next to nothing. Pay only for the essentials which include food, shelter, and lights.

3. Call your creditors to see if you can work out a temporary plan. Keep in touch with them. Ignoring them does not make them go away. Ask if they have special programs for customers in your situation. This could include lower interest and lower payments for a set amount of time.

4. Once you have stabilized the patient (your finances), look into your options. Debt counseling, debt consolidation, debt settlement, or perhaps even bankruptcy are options you may consider. A debt counselor can help you decide what will work best and help you work further with your creditors.

Just like with any emergency, it's imperative that you remain calm as you work through your financial crisis.