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Bankruptcy May Be Your Option

How to stop making money for the credit card company

Using a credit card to make a purchase is something that most Tulsa, Oklahoma, residents do each day. The convenience of buying on credit and paying it off before being hit with high interest charges seems harmless enough, but it is equally as easy to fall into the trap of making only minimum payments and carrying a balance into the next month.

Most credit cards impose high interest rates on unpaid balances, so making only the minimum payments each month will do little to reduce what you owe. For individuals trying to avoid the financial challenges brought on by unmanageable consumer debts, reducing credit card debt before creditors start calling is possible.

The most obvious solution to high-interest credit cards is to not carry a balance. Eliminating balances on the cards with the highest interest rates first begins with reviewing your accounts to identify the interest rate each credit card company is charging you.

Other methods of dealing with credit card debt include transferring balances to other cards that offer a lower interest rate, using a home equity loan to pay the credit card, or borrowing against your retirement account. Be careful about substituting one form of debt for another, it can be risky. Unemployment, serious illness or injury, or other unexpected struggles can leave you in more trouble than you were in before.

If you are facing financial challenges from having too much consumer debt, you might benefit from discussing your situation with an attorney whose knowledge of bankruptcy law and methods for overcoming financial challenges might be of assistance. An attorney could possibly offer suggestions for stopping creditor harassment caused by delinquent payments.

Source: Fox Business, "4 Easy Ways to Conquer Credit Card Debt," Kristin Bianco, April 3, 2015

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