Credit card debt can quickly become overwhelming.
Fortunately, you don’t have to live with credit card debt forever. King & King can help you eliminate your debts and put you on a path to a brighter financial
future. Here are a few strategies for
climbing out of credit card debt.
Make a Budget
If your credit card debt is growing but not yet
overwhelming, and you have a steady income that is adequate to your needs, you
may be able to get out of debt by creating a budget. Put a larger amount of
your income towards your credit card balance until the card is paid off. For
this strategy to work, put a hold on making any new purchases on your cards.
Consolidate Your
Cards
If you have good credit, you may be able to sign up for a
new card that offers 0% interest for an introductory period. Transferring your
existing balances to such a card can be an excellent strategy for cutting down
your credit card debt. If you can’t open a new card with a 0% interest rate,
consider consolidating as much of your debts as possible onto whichever card
has the lowest interest rate. This will enable you to reduce the rate at which
your debt will grow while you attempt to repay it.
Work Out a Debt
Settlement
If your credit card debt has already gone into collections,
you can consider working out a debt settlement with the collection agency. If
you can repay 50 percent of the balance within a year or two, the collection
agency may accept your offer.
File Chapter 7 Bankruptcy
Chapter 7 bankruptcy will completely wipe out your unsecured
debts including credit card debts and stop creditors from contacting you. You
can typically complete a Chapter 7 bankruptcy without liquefying your personal
assets. If you decide to pursue bankruptcy, be sure to hire a bankruptcy
attorney to help you.
If you’re tired of living with debt, if you feel like
there’s no way out but you need help, then today is the day to call King &
King at 404-524-6400 for a free consultation. We are experts in helping people
just like you find the best way to move forward from being overwhelmed with
debt.
