By Dometri Quick
Frustrated with your mounting credit card debt? Thinking about filing for bankruptcy? Hold that thought!
Realize Your Problem Early
So, you have a problem, don’t you? Don’t be afraid. You’re not alone. Every year, millions of Americans and people all over the world realize they are suffering from an overwhelming amount of credit card debt.
They stress over it, worry about it and wonder how they can ever make it disappear. They struggle to make it through each passing month, thinking about whether they’ll be able to make the next payment. They may even consider bankruptcy. But, here’s the secret: If everyone is suffering from it, why do you feel like your situation is any different?
Don’t be scared of debt. It’s the thing that this country and so many others are built on. However, if you feel that you may have a real problem with debt, catch it early and do something about it. Start to make all your payments on time. Stop putting off that credit card bill until next month. Do whatever you can initially to stop the bleeding and to put any extravagant or wasteful spending to a halt. You’ll be glad you did.
Realizing that you have a problem with debt is the first key to protecting yourself from it and eventually eliminating it altogether.
Consolidation May Work for You
Ready? Good. But now that you’ve recognized your problem and decided to do something about it, the question still remains: How do you eliminate credit card debt? Well, debt consolidation, available through a variety of different debt consolidation firms and companies, may be the right option for you.
By consolidating your credit card debt, you will be taking all the debt you’ve amassed on one or more cards and putting it into a program that reduces the high interest rates that many cards come attached with. It allows you to pay off your credit card debt the way you want to. Want to pay it all off in two years? Debt consolidation can help you do that. Need ten years to get it all off your monthly statements? That’s not a problem either.
Credit card consolidation helps you reduce your credit card debt quickly and less painfully than usual. The key is knowing and understanding what you want to do with your debt consolidation plan.
Only Use Bankruptcy as a Last Resort
If you’ve even considered bankruptcy, listen up now. Bankruptcy is the least desirable option of all when it comes to eliminating your debt quickly. Do you really want to lose many of the items you currently own? Do you want to ruin your credit report and hurt your chances of getting a house or even a job in the future? Of course you don’t. But bankruptcy may do all of this to you.
Look into credit card consolidation or speak with a credit specialist or financial advisor before you think about declaring for bankruptcy. You’ll be glad that you did.
About the Author: Dometri Quick is the development director at
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