Ways of Eliminating Credit Card Debt

American credit card debt has been rising rapidly, according to data reported in sources such as Marketplace. As that debt rises, many consumers are struggling significantly with options for paying down — and ultimately paying off — that debt. For many, there is a risk of making only the minimum monthly payment and having the debt balloon due to high interest rates. Indeed, credit card interest rates are among the highest they have been in many years. Beyond paying the balance entirely up front, what are your options for eliminating credit card debt? You may have multiple options that do not involve getting further into debt or becoming delinquent. Our Lilburn credit card debt lawyers can provide you with more information.

Negotiate with Creditors for a Lower Interest Rate

If you have one or more credit cards with a very high interest rate, it may be possible to negotiate a lower interest rate with the creditor in some circumstances. Typically, this is something a creditor will only consider if you have been a long-time customer, or if you have a history of making regular credit card payments. However, if you are only making the minimum payment, even a lower credit card interest rate may not allow you to pay off all debt.

Pay Off High Interest Debt First

If you are looking toward the future and eventually paying off credit card debt, it often makes sense to pay off debt with the highest interest first. Doing this can save you money in the long run.

Debt Consolidation 

You may also be considering debt consolidation. There are different ways to consolidate debt. Some options involve working with debt consolidation companies. At the same time, you also might be considering a personal loan that you will use to pay off higher interest credit cards and consolidate your debt into that one regular monthly payment for the personal loan. Personal loans can help debtors who have the ability to make a regular payment and to avoid taking on more debt. Often, however, debt consolidation results in the debtor having to make different plans for debt later on.

Debt Settlement

Debt settlement is an option that allows debtors to pay a portion of the debt they owe to a creditor up front in exchange for the creditor forgiving the remaining amount of debt. Creditors may be willing to negotiate a debt settlement agreement, especially if they do not believe they will be getting more money from you. A lawyer can help you with the debt settlement process.

Contact a Lilburn Credit Card Debt Attorney Today for Assistance 

Are you dealing with a significant amount of credit card debt and trying to determine your options for getting out of debt? An experienced Lilburn credit card debt lawyer at Konn Law Firm LLC can discuss your options with you today. In addition to options that involve continuing to make regular monthly payments on credit card debt, you could be eligible for debt settlement depending on your situation. Contact our firm today to speak with an attorney who regularly assists clients with credit card debt and debt settlement in Georgia.

Source:

marketplace.org/story/2025/06/09/consumer-debt-is-rising-fast-is-that-necessarily-a-bad-thing