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.