Many people in Ohio have found that credit card debt is easy to incur and hard to pay off. Fortunately, there are a couple of techniques that can help you get out from under your credit card debt.
One strategy is to pay your cards with the lowest balances first. If you feel like you have been paying on your cards for a long time, but it does not seem to be making a dent, this may be a good method for you. With this type of repayment plan, you make only minimum payments on all your cards except the one with the lowest balance. For that card you pay as much as you can afford every month. When the lowest balance card is paid off, put the money you were allocating monthly to that card toward the next lowest outstanding balance in addition to the minimum payments you were already making. The dent in your debt will be easier to see, which keeps you motivated to stick with the large payments.
A closely related strategy focuses on interest rates instead of balance. With this plan of attack, you make minimum payments on all cards except the card with the highest interest rate. You devote as much of your monthly budget as possible to paying off that card. Once it is paid off, put those large payments toward the next highest interest rate in addition to the minimum payments you had already budgeted. This method may not feel as rewarding in the short term as the low balance strategy, but in the long term it usually saves you a ton of money.
Overall, the best method to get out of credit card debt is one that you will stick with every month. Both of the above techniques help you pay off balances quickly. If you do not have the financial resources to make your payments, however, bankruptcy may be a good option. With Chapter 7 or Chapter 13 bankruptcy, you may be eligible for reduced or eliminated payments to get you back on track to financial health.
The above information is for educational purposes and is not intended to be legal advice.