That’s especially true if you are living paycheck-to-paycheck or dealing with other debts, like student loans. But it is possible to get debt relief even with those challenges.
This 5 Step guide can help you develop a plan to pay off your debt or identify the best debt relief option when a traditional payoff plan just won’t cut it.
The only way to get out of credit card debt is to stop creating new debt while paying off what you owe. This means you need a budget that covers all your expenses and builds in emergency savings.
A budget is essential in your quest to get out of debt, no matter which debt relief option you end up using. You need to get a budget in place—written out and not just in your head.
Gather up your most recent credit card statements or login into your apps to write down what you owe, the interest rate, and monthly payment for each credit card.
If you don’t have much cash on hand for paying off debt, then the strategies above won’t get you the results you need. Instead, you need to find a debt relief option that will fit your needs, credit, and budget.