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How do I manage credit card debt?

For consumers facing financial troubles, one of the biggest concerns is "How do I manage credit card debt?" Credit card debt is a huge burden for many individuals and families – sometimes it feels impossible even to make a dent in your credit card balances.

There are many answers to the question "How do I manage credit card debt?" Debt consolidation involves paying off high interest credit cards by taking out credit card loans at a lower interest rate. Debt settlement asks creditors to accept a lower lump sum payment to retire a debt. Credit card debt negotiation involves seeking reductions in interest rates, finance charges and other fees. Bankruptcy is also an option, although only as a last resort.

Each of these approaches has pros and cons – some can, unfortunately, leave you just as deeply in debt after a year or two of making payments. That's why, before you embark on any debt reduction strategy, it's always a good idea to get answers to the question "How do I manage credit card debt?" from a certified credit counselor like the professionals at American Consumer Credit Counseling (ACCC).

How do I manage credit card debt?

  • Figure out how much credit card debt you have total.
  • Calculate your income amounts on a month-by-month timeline.
  • Subtract your monthly expenses from the average amount you make a month.
  • Use the remainder amount to pay off debt, starting with credit lines with the highest interest rates.

How do I manage credit card debt with ACCC?

Since 1991, the certified credit counselors at ACCC have been helping consumers make a plan to pay down debt and learn to live without debt in the future. We are a non-profit organization, which means we offer free credit counseling and low-cost debt management services for individuals and families who want to know "How do I manage credit card debt most effectively?"

Our credit counselors will help you get a concrete picture of your finances and debts, and present you with a number of options based on your situation. We'll help you select the best path out of debt, direct you to helpful resources, and answer your questions about debt, including "How do I manage credit card debt to get out of debt for good?"

How do I manage credit card debt with debt management?

For many people, a credit card debt management program is the best answer to the question "How do I manage credit card debt?"

Unlike debt consolidation, a debt management program does not require you to take on new debt to pay off your credit cards. With a debt management plan, we'll help you set up a budget to make payments on all your bills and debts each month and you'll consolidate payments by sending just one payment to us while we take care of paying your creditors. We'll also make proposals to them to reduce your interest rates and finances charges, or to re-age your accounts so you are current, enabling you to pay off your credit card debt faster.

Contact an ACCC credit counselor to get answers to questions like "How do I manage credit card debt?", "What is a unsecured credit card?" and "What is loan consolidation?"

American Consumer Credit Counseling (ACCC) provides non-profit credit counseling, debt reduction programs and debt relief services to help consumers nationwide figure out how to pay down debt and how to get out of debt quickly. Our professional credit counselors provide free credit counseling to help individuals and families find the right debt solutions to help with credit card debt and avoid debt in the future. Our debt management programs provide help with debts by consolidating payments on credit card debt and other unsecured loans, with credit card negotiation services to reduce credit card debt interest rates and finance charges, helping consumers to pay off debt more quickly.

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