Getting out of credit card debt is going to take work and it isn't going to be easy. You will need to make a plan to make this happen. One thing that is certain is that you can't just pay the minimum monthly payments and think that you are going to get out of debt quickly.
There are several options that you have to getting your credit cards paid off as quickly as possible. You have to sort through each of the options so that you can determine which of these is going to work for your needs. Here are some questions that might help you determine the best option:
Can you get a lower interest rate?
Speak to the creditors who hold your accounts to find out if you can have a lower interest rate on the balance. While this isn't going to provide you with much relief, it might provide you with a lower balance over time since each month's interest won't be as big as what is is without the interest rate reduction.
Will transferring the balances help you?
You might need to consider transferring the balances from a higher interest rate card to one with a lower interest. If you have a credit score that is high enough, you might be able to transfer balances to a card with a 0-percent interest rate. This is something that can save you considerable money, but make sure that you look at things from the long-term perspective. This is only something that can be done if you can pay off the balance before the interest rate goes up or if the interest rate after the introductory rate is lower than you are currently paying.
What can you afford to pay each month?
How much can you commit to paying on your credit card bills each month? From there, focus on one card to pay off with the money that you can pay beyond the minimum balances. As one card is paid off, move to the next one.
There is also the option of filing for bankruptcy if you are so far in debt that you can't overcome it. Consider this option carefully and find out how it might impact you. It can be an excellent tool to help you reclaim your financial future.
Source: Real Simple, "How to Eliminate Credit Card Debt," Vera Gibbons, accessed Feb. 02, 2018