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Three ways to address credit card debt

There is no great shame in carrying heavy debt on your credit cards, but it can cause a tremendous amount of financial strife. The fact is, most people go into debt due to events beyond their control, such as a family medical emergency or divorce. Sometimes circumstances require pulling out the plastic, but the debts can add up quickly. Add monthly interest charges and credit card payments can place a tremendous strain on your household budget.

So what can you do to start chopping that debt down to a manageable size? Well, there are actually many steps you can take. For example, you could take on a part-time job to make extra money to pay down the debt. A second job combined with household budget cuts could increase your income dramatically. If you use your new found income to attack your debt, you may be able to get it under control.

Another strategy involves making frequent, small payments. The idea is that whenever you have a little extra cash in hand, you can send it on to the credit card company. And yes, that means making odd payments of a few dollars here and there. This is called the "snowflake technique" and it works on the simple principle that over time, small efforts yield large cumulative results.

But sometimes part-time jobs or other measures are not enough. And if your credit card debt is simply insurmountable, you may wish to consider the advantages of filing for personal bankruptcy. Depending on the specifics of your debt relief plan, you may be able to negotiate your debts or have them discharged. An experienced bankruptcy attorney can offer advice on your best course of action and help get the ball rolling toward a fresh financial start.

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