How to Get Help Paying Credit Card Debt

If you're drowning in credit card debt, you're probably looking for a little relief. Learn all of the ways you can help yourself get out of credit card debt. If all else fails, then learn the last resort effort you can turn to for help in getting your credit card debt under control.

Instructions

How to Get Help Paying Credit Card Debt

1

Call each of your credit card companies, if you're having trouble making payments. Talk to them about setting up payment arrangements or see if they can lower your interest rate. Also inquire about a zero interest option, which at least allows you to stop earning interest on your balance while you continue to make payments to reduce the amount you owe.

2

Use the cash you have to pay off or at least reduce the amount of credit card debt you have. If you have money in a savings account, it is probably earning very little interest. Be sure to keep enough cash in savings to have a cushion for emergencies, but you'll end up saving more money in interest by reducing your credit card debt than what you're earning on the cash.

3

Consider taking out a home equity loan to pay off and consolidate your credit card debt, if you own a home that has equity built up in it. Home equity loan rates are much lower than credit card interest rates and are usually tax deductible, while credit card debt is not.

4

As a last resort, turn to a debt consolidation company. Consumer credit counseling agencies can help. They negotiate with your credit card companies to come up with terms and conditions that you can afford. You pay one monthly payment and the counseling agency pays the credit companies. While it may be a relief to you, it doesn't look good to future creditors that you had to go to a counselor to help you manage your finances. Lenders and creditors want to see you can manage your own finances, so only take this route if you have to.

5

Stick to the new terms and conditions. Whether you convince your credit card company to change your terms or you turn to a credit counseling agency, make sure you stick to the new payment arrangements. Be sure to make your payments and make them on time. Also, stop using your credit cards to avoid running the debt up even further.