You can pay off your debt with 1 of several methods

If you’re ready to tackle your credit card debt head on, then there are a few different strategies you can use. While you might have considered bankruptcy, there are alternatives that you might want to try first.

The first thing you can do is to call your creditors. Ask them to lower your interest rate, which will lower the amount you owe overall. This is a good plan if you haven’t missed payments, and it’s worth a shot even if you have.

Next, think about the card you want to pay off most. You could aim for the one with the smallest amount of debt or the one that has the highest interest rate. Instead of paying the minimum amount on that card, pay as much as you can on top of your other bills. Once it’s totally paid off, take that money and start applying it to your next largest or pressing debt. Over time, you’ll reduce and eliminate all your credit card debt with this process.

Another thing you might want to do is to move your balances onto a different credit card or loan. This is beneficial if you can find a new card that will take on a balance with zero percent interest for at least a year. Your monthly payment is likely to drop, and you’ll be paying on the principle instead of on interest, which saves you more money in the end.

Our website has more information on methods for paying off your debt, so you can get back in control of your finances.