If you’re facing an overwhelming amount of credit card debt, it may feel as though you’ll never regain your financial footing. While eliminating any kind of debt is challenging, credit cards are especially problematic because of the high interest rates. By trying the following strategies, though, you can get out from under your consumer debt once and for all. 

3 Tips for Overcoming Credit Card Debt

1. Trim the Budget 

This may be an obvious strategy, but it’s worth mentioning because it's so effective. Review the family’s budget and answer this question honestly: Where can I cut costs? Evaluate all the nonessentials that you’re currently paying for—such as multiple streaming subscriptions, for example, or meal delivery services—and cut back where you can. Then, use the monthly savings to pay off your debt. 

2. Move the Debt Around 

If most of your minimum payment goes toward interest, transferring the balance to a personal loan with a more reasonable APR could be the answer. Depending on your credit score, it may be possible to take out a personal loan with an interest rate lower than 10%, which might be less than half the current interest rate. If you have any available credit, it may also be possible to do a balance transfer. Credit card companies might offer you an APR of 0% for 12 or 18 months, which would allow you to chip away at the debt a lot faster. 

3. Call an Attorney 

An attorney who specializes in debt relief can evaluate the situation and then explain the pros and cons of your various options. For example, declaring bankruptcy might make the most sense if you’re not planning on financing a major purchase, like a home or vehicle, in the next few years.

Negotiating with the lenders may also be a viable approach. If this is the route you wish to take, work with a reputable lawyer and not a debt settlement company. Avoid these companies, as they tend to charge high fees. An attorney, on the other hand, can apply legal pressure as needed to help you secure the best deal possible.

If you’re facing so much credit card debt that you’ll never be able to pay it off, turn to Padgett & Robertson, Attorneys at Law to explore your options. Located in Mobile, this firm represents consumers throughout Southern Alabama. For more than 35 years, they've been helping clients achieve a much-needed clean slate. To schedule your free consultation and financial analysis, reach out online or call (251) 342-0264. 

No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.