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Credit Card Debt Options

If credit card debt has you stuck in a financial hole, there are solutions at your disposal.

First, take an in-depth look at your finances. Reduce spending where possible, take on a second job if necessary, and pay down your debt over time. It requires dedication, but its well worth the effort. However, if your income simply can't keep up with debt, you may have to consider alternatives.

Debt management plans involve a third party - usually a nonprofit credit counseling company or a for-profit debt management company- that reviews your financial particulars and negotiates with credit card companies on interest rates, and sometimes balances. A single monthly payment is made to the third party, which distributes the funds for you. Make sure you thoroughly understand the fee arrangements.

Negotiate with credit card companies. you may be able to slash interest rates or significantly lower your total balances, especially if you pay off a renegotiates balance with a lump sum. Up-front cash speaks volumes.

Debt stacking may help when you own money on several fronts. Focus on the smallest card debt, and send the minimum payments on the other cards. When you pay off the first card, the amount you had been paying now goes to the next lowest card each month, and so on.

Filing for bankruptcy can enable you to reduce, eliminate, and/or restructure your debt. It's a more complex form of debt relief, but it can produce positive results in a more definitive fashion.


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