If you have a problem paying credit card debt, it is important to seek help as soon as possible. The sooner you get your debt under control, the more money you will save in interest charges and fees. Choosing an effective repayment strategy, building a budget and tracking spending can all make paying off credit card debt easier. You can also contact a non-profit credit counseling service to examine your specific financial situation and create a debt management plan that will work for you.

What to Do If You Have a Problem Paying Credit Card Debt

The best way to get rid of credit card debt is to pay down the balances while still making minimum payments. If you have more than one card, start by paying off the smallest balance first. When that is paid off, roll the amount you were paying toward that card into your payment on the next smallest balance. Keep working that way until you are completely debt-free. This is called the snowball method. It can be very motivating, especially if you see your progress.

You can also try to negotiate with the credit card company to lower your repayments. Call them and explain your situation. Be prepared to send them a copy of your budget, which will help them see that you are trying to pay what you owe. Depending on the extent of your hardship, they may even agree to a debt settlement agreement that will allow you to repay some of what you owe.