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Credit Card Debt Solutions: Right For You?

By: Michael Millington

Most Americans have at least one credit card in their possession, which means credit card debt can happen to anyone. The more you use your credit cards without paying them off, the more your finances can suffer. With this being a common issue, knowing what your credit card debt solutions are can help. From clearing up credit cards balances to settling accounts, here we’ll discuss your credit card debt solutions.

Personal Credit Card Debt Solutions

Solving your credit card problems might seem like a daunting task. However, the main battling is knowing what you can do. Coming up with personal solutions requires discipline and a plan. The main factor in making a plan to solve credit card debt is creating a solid budget. If you don’t already have a budget, make a new one. If you currently have a budget, rework it to focus more on savings and bill payments. Eliminate any expenses you can do without and allocate the resulting extra funds to your credit card bills. This can help to pay off credit cards completely or make a larger than normal monthly payment. If you still find yourself behind you can even reach out to your credit providers. Creditors can change payment dates or alter payments to make them easier for you.


Professional Credit Card Debt Solutions

If you find yourself too overwhelmed to solve your debt on your own, there are multiple professional options you can use as well. Debt settlement can not only help you eliminate credit card debt, it can help you save money as well. A debt settlement company can negotiate your debts down to a more affordable amount. This can be helpful if your credit card bills get way out of hand.

Should your issue lie in the amount of credit card debts you have, debt consolidation can be helpful. One consolidation loan can allow you to pay off multiple credit cards at one time. This would leave you with one debt instead of many. This can be an ideal situation if you can handle making payments to the resulting loan debt.

Lastly, bankruptcy can eliminate credit card debt within a few months of filing. While bankruptcy has a more immediate effect on your debt, it comes at a price. Filing for bankruptcy can negatively impact your credit for up to ten years. This can effectively prevent you from applying for new lines of credit, an apartment or even some forms of employment. Despite all of this, bankruptcy can provide a clean slate for your financial needs.

As with any form of debt relief (including professional credit card debt solutions like the ones listed above), a proper amount of research is necessary to know which method works well for you.