So you have a lot of credit card debt? So what now? Many people find themselves in this situation and feel helpless and hopeless. The key is to not give up. There are many resources out there to help you. Among them are:
- Credit counseling: There are several nonprofit agencies out there dedicated to helping you. Do not fall for those agencies that are asking you to pay up front. The real agencies will not charge for their services.
- Consolidation loan: This technique has been useful for many people. Consolidation loans can be obtained through many resources. Check with your local bank or consider peer to peer lending.
- Debt settlement: Consider contacting your credit card company and negotiate to settle your debt for a lower amount. For example, try to settle half of your debt. You can accomplish this by calling or writing to your credit card company. Explain the situation to them and see if they are willing to negotiate and settle a portion of your debt.
- Pay off your high interest cards: Prioritize your debt so that you are paying off your high-interest credit cards first. This will take some practice. Be sure to take into account all of the debt that you owe so that you can come up with the right strategy.
For more useful information on credit cards and balance transfers, visit the bankrate.com website and search on credit cards.