Guiding You Toward A Brighter Financial Future

How To Recover From Credit Card Debt

On Behalf of | Sep 10, 2020 | Credit Card Debt

The average household in Tennessee is over $7,000 in credit card debt. It was reported that at the beginning of 2020, the national total of credit card debt was over $1 trillion. Many Americans struggle with this type of debt and it can quickly become an overwhelming financial burden. But there are solutions available to help you get out from under the weight of credit card debt.

What Are My Options?

There are several potential ways you can tackle your credit card debt and begin to manage it.

The first is creating a payment strategy to repay your debts. This plan can involve a variety of factors including paying more than the minimum payment per month, paying off your loans one by one, starting with the smallest, or automating your payments.

Another method is to consolidate your debt into one account. If you have more than one credit card you can consider transferring all of your debt into one card, so you only have one payment to keep track of.

Negotiating with your creditors is a third way to tackle your debt, however, there is zero guarantee that your creditors will be sympathetic and make adjustments to your plan such as lowering your APR.

These options may work for a small amount of debt, but what can you do when your debt is really out of control? You may need more involved help.

Getting Real Help

If your debt is completely unmanageable, you may want to consider a debt relief option, such as bankruptcy.

Filing for bankruptcy may feel daunting, but it offers you a fresh financial start. Depending on your situation, your debt could be discharged. In other cases, you can restructure your debt into a more manageable payment plan. Talking to a bankruptcy attorney can help you get a better idea of your situation and what your best options are.

Credit card debt is not uncommon, but it can be a cause of significant stress. Figuring out how to manage your debt and get back on your feet is possible.