Credit card debt is something that you likely want to say goodbye to as quickly as possible, especially when it is ruining your life. Dealing with credit cards is something that takes some planning. You can continue to make the minimum payments each month, but you likely won't be able to pay it off any time soon doing this.
There are some other ways that you might pay off credit card debt, but many of these are risky. Think carefully about what you are going to do before you start to use any of the following methods.
Don't take money from your retirement accounts to pay off the credit card debt. Even paying only the minimum payments is better than doing this. When you take money out of the retirement account to pay off these bills, you are essentially robbing your future. In some cases, you will have to pay a penalty to get the money.
You should also avoid the temptation to use your home's equity to get out of debt. The issue with this is that you are robbing Peter to pay Paul in a way. Instead, you should try to cut back on unnecessary expenses to try to get the credit card debt under control. By the same token, avoid the temptation to skip mortgage payments to get the credit cards paid off.
Finally, don't pull money from your emergency fund and don't take out another loan. Both of these can lead to problems down the road. For example, if you use the money in your emergency fund and have a true emergency, you might not be able to cover it.
As scary as credit card debt can be, you have to understand that you have options. Bankruptcy is one of these, so make sure you look into it if the credit card bills are ruining your peace.
Source: Bankrate, "6 risky ways to pay off credit card debt," Janna Herron, accessed July 27, 2017