Garcia & Gonzales, P.C. July 8, 2015

The average household that is carrying debt owes about $15,800 in credit card debt. While credit card debt may not be more important to pay off than your other debts, focusing on getting this debt paid will be crucial to:

Below, we’ll reveal some of the most effective strategies for paying off credit card debt.

When You Are Ready to Pay Off Credit Card Debt…

1 – Calculate what you can afford to pay towards this debt monthly.

In other words, if you are not already on a budget, put one together for yourself so you know how much money you can afford to pay towards your credit cards each month. This can also help you figure out where you may be able to free up some additional funds to put towards this debt.

2 – Prioritize your credit card debts.

If you have more than one credit card, then prioritizing the debt for each card will be the next important thing to do. This is because:

  • Not every card has the same interest rate.

  • Paying off the cards with the highest interest rates first can help you save more money in the long run.

With your credit card debts prioritized, identify the one or few cards with the highest interest rates, and focus on paying more than the minimum monthly payments on these cards until the debt is paid off.

3 – Don’t miss any of your monthly payments.

While you should focus on more aggressively paying down the cards with the highest interest rates first, do not do this at the expense of being able to make payments on your other cards (and other debts). In other words, don’t focus on paying one card and forget about making at least the minimum monthly payments on your others.

If you do, you could see sharp interest rate hikes, which could subvert your efforts to climb out of debt.

4 – Don’t to rack up more credit card debt.

As you pay down your credit cards, do your best to not rack up more charges on your cards. This can get you in a cycle of just treading water with your debt, meaning you never end up seeing the balances decrease because you continue to add to the debt/charges.

5 – Don’t give up and try not to get discouraged.

Depending on your credit card debt situation, it may take some time to get all of your cards fully paid off. If this is the case for you, do your best to stay focused on your goal and to stay the course so that you can realize the benefits have having zero balances on your cards.

If, however, you are overwhelmed by credit card debt and you can’t foresee a way to repay it, it’s time to contact the Denver bankruptcy lawyers at Garcia & Gonzales, P.C.

Denver Bankruptcy Lawyers at Garcia & Gonzales, P.C.

Are you looking for real relief from serious debt? If so, you can trust the experienced Denver bankruptcy lawyers at Garcia & Gonzales, P.C. to provide you with experienced help, honest answers and the highest quality legal services.

To learn more about your best debt relief options, as well as how we can help you, contact us today by calling or by emailing us using the drop-down contact form at the bottom of this page.

When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.