I have credit card debt 2 cards totalling under 8000 total for both. What is best way to tackle this issue?
I want to know what is best way to get out of debt not sure how much my APR is on my credit cards? I rarely pay attention to that.
You would be surprised that a seemingly simple question like “What is the best way to get out of debt” is actually a very complex issue.
Without a doubt the easiest way to get out of credit card debt is to pay the debt off in full. Outside of that the issue then becomes what is your current situation and what are your future financial goals.
Comparing your options on solutions you can use to deal with your debt is something you can do right now. Just use my online Get Out of Debt Calculator to look at the large solutions available.
But every situation is different. The best solution for you would be a customized solution that might include settling a credit card debt depending on who your creditor is. But maybe you just are not the kind of person that is attentive to details and would be good with rolling out an extended solution to deal with your debt.
The Best Way to Deal With Your Credit Card Debt
Without a doubt the best way to deal with your credit card debt is through a solution that you can afford, accomplishes the goals you want to achieve, and sets you up for future financial success.
If time and cost are your primary concerns then considering bankruptcy would be smart. A Chapter 7 bankruptcy would cost about $1,500 and your credit card debt would be eliminated in about 90 days. The moment you file bankruptcy you would not make any more payments on your unsecured debt and could just start saving that money and building an emergency fund.
And while some will say bankruptcy will ruin your credit, the reality can be found in the article Those That File Bankruptcy Do Better Than Those That Don’t.
Rebuilding your credit after bankruptcy is stupid simple. Just click here to see how simple.
But if you are already in a situation where you have an emergency fund to cover a financial surprise and you are already saving for retirement, then a credit counseling solution may be better for you to deal with your credit card debt.
More information is needed to give you the best advice. I’d suggest you start with “How to Get Out of Debt. The Honest and Unvarnished Truth.” And then let’s take it from there.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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