Building up credit card debt is easy. Eliminating credit card debt is hard. Fortunately, there is help available to provide you with the tools you need to get out from under credit card debt.
In some situations, there may be steps that you can take on your own to lower your credit card debt. If you have a history of paying your bills on time, you may be able to talk to your creditors and ask them to lower your interest rates. Also, you may be able to focus on one credit card at a time, starting with the highest interest, and pay them off that way. Your situation may be beyond this, however.
If your debt is more than what you can handle on your own, you could benefit from talking to an accredited credit counselor. They can discuss with you other options you have including a debt management plan, debt consolidation loans, or in some cases bankruptcy. They can walk through each of these and weigh the pros and cons with you.
For a lot of people, a debt management plan can suit their interests quite well. Debt management companies work with your creditors to lower the interest and fees owed on your accounts. Instead of paying each of your creditors separately each month, you will pay one consolidated payment to the debt management company which will then divide your money up between your creditors in a way that is helpful to you. You will be able to watch your accounts be paid down while you have the accountability you need to do so. With a plan like this, you can often pay off your debt more quickly and often at lower monthly payments than what you can do on your own.
If a debt management plan might be the right solution for you, talk to a credit counselor. Whatever you decide, you want to make sure it is a decision that you can live with.
