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What are my options to pay off credit card debt?

We have often discussed how important it is to make sure that you stay on top of your financial situation. Just last week, we discussed Chapter 7 bankruptcy and how it can help some of our Pennsylvania readers take control of their finances. But, did you know that there are other ways you can get rid of credit card debt? Some of these options might interest our readers.

How can I pay off credit card debt?

You can either pay off the most expensive balance first so that you see the progress you are making or you can go in the opposite direction and pay the smallest balance off first. The logic behind the first option that you can save money on interest by paying off the highest balance first. The logic behind the second method is that you can see the number of debt accounts you have decrease faster. You should choose the option that will keep you motivated.

Are balance transfers a good way to take control?

There is no one-for-all answer to balance transfer suitability. When it comes to these transfers, it is important that they are used wisely. You should have a plan of action to pay off the debt as soon as possible. You should also make sure that you take the fees into account. It also means doing away with the cards once the balance is transferred to a new card.

In some cases, bankruptcy still remains the best method to get control of your finances back and get a fresh start. If you are starting to drown in debt, learning your options might help you to get back where you want to be.

Source: Bankrate, "6 ways to pay off credit card debt" Dawn Papandrea, accessed Jan. 16, 2015

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Joshua Z. Goldblum, Attorney at Law
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