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Three ways to deal with credit card debt

On Behalf of | Mar 19, 2021 | Bankruptcy Law |

If you’re trying to pay off credit card debt, it can sometimes seem like a never-ending battle. Fortunately, you’re not alone. Many people in Oklahoma and the rest of the United States have debt related to credit cards, but learning a few tips can help you address this problem. Here are three proven ways to deal with credit card debt.

Pay off high-interest credit cards first

Most adults are working to pay off debt from multiple credit cards. Some people pay off their smallest credit card debts first, which can be encouraging. You might also consider first paying off the credit card with the highest interest rate. By doing this, you can start lessening the impact of your money going toward costly interest payments.

Contact your creditors

It’s understandable to get a little nervous at the thought of contacting your creditors. However, this is often the best and most under-utilized way to lessen your debts. While it isn’t guaranteed, some creditors can negotiate payment terms that are easier for you or potentially lower how much you owe.

Consider bankruptcy

Another way many people deal with credit card debt is by filing for bankruptcy. If you qualify for Chapter 13 bankruptcy, you can pay off your debts over three to five years. Chapter 7 bankruptcy is better for people with limited income to pay off their debts. It might be wise to contact a bankruptcy lawyer to learn about your options.

There are several beneficial ways to start taking care of credit card debt. By taking advantage of these methods, you might be on your way to a debt-free future.