Overwhelmed by Credit Card Debt? Try These 10 Tips

Once upon a time, you had a financial emergency and ran short of cash. Those credit cards were just the thing to get past your immediate problem. But it happened again. And again. At first it was hardly noticeable – each $100 that you charged translated to a paltry $2 or $3 per month in additional monthly payments. But over time – perhaps a long period of time – that chump change eventually added up to big bucks. Now it’s a problem that just won’t go away. And you’re trying to figure out what to do about it.

Don’t stick your head in the sand and ignore the dilemma. Likewise, don’t make any rash moves like cleaning out your retirement account just to get those pesky customer service reps off the phone. Assess how bad the problem is, forecast your financial status for the future, and then click on one of Joe SuperSaver’s suggested solutions. The ideas are ordered by ease of implementation – none are a stroll down the beach, but the first couple of suggestions will cause the least amount of disruption in your life, while the last few are downright painful. But do something, because a problem like this is like a disease left untreated – it will be more difficult, will cause more discomfort, and will cost lots of bucks to cure as time goes by.

1. Cut back on fun and pay it down.
2. Sell something you can live without.
3. Bargain with the credit card company.
4. Walk away into a better deal.
5. Tell them about your hardship.
6. Enroll in a debt management plan.
7. Tap into retirement savings or home equity.
8. Stop paying on the cards – for now.
9. Settle your debts at a discount.
10. Give up and declare bankruptcy.