Residents of Tennessee dealing with large credit card debt can feel hopeless. However, there are always options that can help. While bankruptcy is one, it should be used only after exhausting the alternatives. These are a few things you can do to alleviate your credit card debt.
Find ways to pay
If it’s at all possible, you should try to find ways to pay down your credit card debt. Even if you owe as much as five figures in your total debt, paying your entire balance each month when using your card can help. You should avoid paying the minimum because it can quickly add up.
Consider the debt snowball method, which occurs when you prioritize your debts by smallest to largest amounts. Paying off the ones that are lowest first can help to eliminate your total number of creditors, which makes things easier going forward.
Try debt consolidation or debt relief
Debt consolidation might help you eliminate your credit card debt. This involves consolidating all your debt payments into a single account. Then, you only have to make a single payment monthly to satisfy your debts. You can also do this by opening a 0% balance transfer credit card. Transferring your debt to that account can help you avoid interest while paying off your debt.
Debt relief through debt settlement or a debt management plan could help as well. You work with your creditors for the former option and with a credit counseling agency for the former. Both options allow you to make lower payments to satisfy your debt.
Contact your creditors
Before giving up and filing for bankruptcy, consider reaching out to your creditors for help. Often, they are willing to work with consumers and negotiate on lower payments to help them pay back their debt. Surprisingly, creditors might be amenable to this option because they want their money back. In some cases, they might even offer a hardship program for repayment by excluding interest rates and late fees.
If none of these options work, bankruptcy might be the best thing for you, but bankruptcy is a big step, so it’s a good idea to evaluate your other options first.