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How to Get Out of Credit Card Debt: A 4 Step Guide

February 12, 2024

If you’re feeling overwhelmed by credit card debt, know that you’re not alone. Credit card debt has reached a record high of over $1 trillion in the United States. The average person now owes $6,568 in credit card debt according to the Federal Reserve Bank of New York. This is up from $5,963 in 2022. That is a lot of debt and growing as people continue to use credit cards just to make ends meet.

It can be tempting to avoid thinking about your credit card debt, and just brushing it under the rug. But the sooner you work to pay it off, the easier and faster it will be. Believe it or not, you can successfully tackle your debt in only four steps. 

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Interested? This guide will take you through four actionable steps to help you move toward a debt-free future.

1. Choose a payment strategy or two

If you have multiple credit cards, choosing a payment strategy can help you manage and reduce your debt more efficiently.

The most popular ones are the avalanche method and the snowball method.

With the avalanche method, you pay off the credit card with the highest interest rate first, while making minimum payments on your other cards. This will save you money on interest charges and is the most cost effective but can take a while.

If you’d rather have the motivation of quick wins, go with the snowball method. Here you pay off the credit card with the smallest debt first while continuing to make minimum payments on all other cards. There’s no one right answer; choose a strategy that works best for your situation.

2. Consider debt consolidation

Debt consolidation can be useful since it lets you combine multiple credit card balances into a single loan ideally with a lower interest rate.

Try to get a balance transfer credit card with an introductory 0% APR. This will give you a break from interest charges while you pay off your debt. Just be sure to pay off all your debt before the introductory 0% APR period ends.

A second choice, and easier if you have bad credit, is to take out a personal loan. Loans tend to have lower interest rates than credit cards. So while you will still be paying interest, it’s highly likely you’ll be paying substantially less.

Remember that while consolidation can simplify payments and potentially reduce interest costs, it’s vital to continue budgeting and avoid accruing new debt.

3. Call your creditors

It might sound intimidating, but it can be beneficial to reach out to your creditors and explain your situation.

Many creditors are willing to work with people who genuinely want to pay off their debts. You may be able to negotiate a payment plan, get lower interest rates, or enter a hardship program.

This is especially true if you’ve been a loyal customer with a good track record. Be polite, explain why you’ve had difficulty paying, and they may just be able to help you get a handle on your debt.

4. Find debt relief

If you’re really struggling to get your debt under control don’t be afraid to ask for professional help.

Debt relief organizations can assist. You can find credit counseling, help setting up a debt management plan, and professionals who can help negotiate with your creditors for reduced interest rates, waived fees, or debt settlements.

As a last resort, you can file for bankruptcy, which will eliminate unsecured debts, like credit card debt. Be wary of this option as it will have a severe impact on your credit and should only be considered after consulting with a legal professional.

Why is it important to repay credit card debt?

Repaying credit card debt is crucial for several reasons. First, high-interest rates associated with credit card balances can quickly compound, leading to a significant increase in the total amount owed over time. This can make it more challenging to pay off the debt and can lead to a cycle of debt that is hard to break.

Additionally, carrying a high credit card balance can negatively impact your credit score.

Most experts recommend only using 30% of your available credit.

When you credit card debt, that increases the amount of credit you’re using lowering your score. A lower score will make is harder to get loans or credit cards with favorable terms. A lower credit score can also result in higher interest rates on future credit, further exacerbating financial strain.

Furthermore, reducing credit card debt can relieve financial stress and improve overall financial health. Without the burden of high-interest debt, you can allocate more of your income toward savings, investments, or other essential expenses.

Financial stability and the ability to meet long-term financial goals, such as buying a home or saving for retirement, are also enhanced when credit card debt is minimized. In essence, repaying credit card debt not only improves immediate financial conditions but also sets the foundation for a more secure financial future.

How does credit card debt impact your credit score?

Credit card debt has a significant impact on your credit score, which is a crucial factor in your overall financial health. One of the primary ways it affects your credit score is through the credit utilization ratio, which is the amount of credit you’re using compared to your total available credit. A high utilization ratio, above 30%, can lower your credit score as it indicates to lenders that you might be overextended and at higher risk of defaulting on your payments.

Additionally, late or missed payments on your credit card can severely damage your credit score. Payment history is the most critical component of your credit score, accounting for 35% of the total calculation. Consistently making late payments can lead to a significant drop in your score, making it harder to obtain new credit or loans.

Carrying a high balance on multiple cards can also have a negative effect, as it signals potential financial instability. Moreover, high levels of credit card debt can lead to higher interest rates on future credit, creating a cycle of increasing debt and decreasing creditworthiness. In summary, managing credit card debt responsibly is essential to maintaining a healthy credit score and ensuring long-term financial stability.

Pros and Cons of Credit Card Debt Relief

Credit card debt relief can offer significant advantages but also comes with notable drawbacks. Understanding these pros and cons is essential for making informed financial decisions.

Pros:

  1. Reduced Debt Burden: Debt relief programs can significantly lower the total amount owed through negotiations with creditors, making it easier to manage and pay off debt.
  2. Lower Monthly Payments: These programs often result in lower monthly payments, providing immediate financial relief and improving cash flow.
  3. Avoiding Bankruptcy: Debt relief can be an alternative to bankruptcy, helping individuals avoid the long-term consequences associated with bankruptcy filings.
  4. Stress Reduction: Alleviating the weight of overwhelming debt can reduce financial stress, leading to improved mental health and overall well-being.

Cons:

  1. Credit Score Impact: Engaging in debt relief programs can negatively affect your credit score. Settling debts for less than the full amount owed may be noted on your credit report.
  2. Fees and Costs: Many debt relief services charge fees, which can add to your financial burden. It’s essential to understand these costs before committing to a program.
  3. Tax Implications: Forgiven debt may be considered taxable income by the IRS, potentially leading to a higher tax bill.

Balancing these pros and cons can help you decide if credit card debt relief is the right option for your financial situation.

Why is Debt Consolidation so Popular?

Debt consolidation is popular for several compelling reasons.

Primarily, it simplifies financial management by combining multiple debts into a single loan, often with a lower interest rate. This can reduce the overall cost of the debt and make monthly payments more manageable. By having just one payment to focus on each month, individuals can avoid the confusion and potential missed payments associated with juggling multiple creditors.

Additionally, debt consolidation can improve an individual’s credit score over time. Paying off multiple high-interest debts and replacing them with a single, lower-interest loan can reduce the credit utilization ratio, a key factor in credit scoring. This can result in a higher credit score, making it easier to obtain favorable terms on future credit.

Furthermore, debt consolidation often provides a psychological benefit. The process of consolidating debt can create a sense of progress and control over one’s financial situation, reducing stress and anxiety associated with debt management. This sense of relief and the tangible financial benefits make debt consolidation an attractive option for many individuals seeking to regain financial stability and control.

Interested in Debt Relief?

Read more about the pros and cons to see if it’s the right option for you!

Is Debt Settlement a Good Idea?

Debt settlement can be a viable solution for individuals facing overwhelming debt, but it is not suitable for everyone.

It is generally a good idea for those who have significant unsecured debt (typically over $10,000), are struggling with severe financial hardship, and cannot keep up with minimum payments. Debt settlement can provide a structured way to reduce the total amount owed and expedite the process of becoming debt-free.

However, the process has its drawbacks. Enrolling in a debt settlement program can severely impact your credit score, as accounts may go into default before settlements are reached. This can make it more challenging to obtain credit in the future. Additionally, the forgiven debt might be considered taxable income, leading to potential tax liabilities. There is also the risk of legal actions from creditors during the negotiation process.

Debt settlement involves fees, usually ranging from 15% to 25% of the settled debt, which can add up. Therefore, it’s crucial to weigh these factors and consider alternative options like debt consolidation or credit counseling. Consulting with a financial advisor can help determine if debt settlement aligns with your financial goals and if it is the best course of action given your specific circumstances.

Frequently asked questions

1. What is credit card debt?

Credit card debt is the balance owed to a credit card company after making purchases, cash advances, or balance transfers. It accrues interest if not paid in full each billing cycle. The debt can quickly grow due to high-interest rates, making it essential to manage responsibly to avoid financial strain.

2. How can I reduce my credit card debt?

To reduce credit card debt, prioritize paying off high-interest cards first, make more than the minimum payment each month, and consider transferring balances to cards with lower interest rates. Creating a budget to control spending and consolidating debt with a personal loan can also help manage and reduce overall debt.

3. What happens if I only make minimum payments?

If you only make minimum payments, your debt will take much longer to pay off and cost significantly more due to accumulated interest. This approach also keeps your credit utilization ratio high, potentially lowering your credit score and making it harder to qualify for new credit or loans in the future.

4. How does credit card debt affect my credit score?

Credit card debt affects your credit score primarily through your credit utilization ratio and payment history. High balances and late payments can significantly lower your score. Conversely, managing debt well by maintaining low balances and making timely payments can improve your score, enhancing your creditworthiness for future borrowing.

Final Thoughts

Credit card debt is a significant burden to carry, but it’s important to realize that it’s not the end of the world. Many people are currently struggling with financial challenges due to inflation and the economic aftermath of the pandemic. Salaries haven’t kept up with the rising cost of living, and many individuals find themselves with little to no savings. This situation can feel overwhelming, but it’s crucial to remember that you’re not alone in facing these difficulties.

You don’t have to get out of debt immediately, and you shouldn’t put that pressure on yourself. The key to managing and eventually eliminating credit card debt is to develop a practical plan and stick to it diligently. By approaching your debt with a clear strategy, you can gradually reduce it over time, relieving the financial stress you may be experiencing.

By implementing these steps and consistently working towards your goal, the burden of credit card debt will lessen faster than you might think. The important thing is to stay committed to your plan and celebrate the progress you make along the way. Remember, financial recovery is a journey, and with persistence and determination, you can achieve a debt-free future.

Want more tips on what to do and what not to do as you pay off debt? Check out 8 Mistakes to Avoid When Paying Off Debt.

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About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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