Carrying balances on multiple credit cards is stressful and expensive, and paying them off quickly can be a challenge.
That’s especially true if you are living paycheck-to-paycheck or dealing with other debts simultaneously, like student loans.
A budget is essential in your quest to get out of debt, no matter which debt relief option you end up using. You need to get a budget in place—written out and not just in your head.
Create a budget that’s optimized for getting out of debt
Now it’s time to get down to the nitty-gritty of obtaining debt relief. That starts by figuring out exactly how much you owe, what it’s costing you, and where each debt stands.
Take stock of your debts and decide on a repayment strategy
There are two schools of thought for which debts to pay first:1. Avalanche2. SnowballWith both strategies, you make minimum payments on all your other credit cards to keep them from falling behind (or at least further behind than they are).
Let’s go over the most popular forms of debt relief and the best situation to use each one. These solutions can help you avoid bankruptcy and get out of debt as quickly as possible.