Credit Card Debt Relief Online

The idea of using a credit card for something now and not worrying about paying the bill until later can be a seductive thought. Unfortunately it has also landed consumers in a lot of hot water. By the end of 2008, Americans had amassed more $970 billion in total credit card debt and in the past year, 15 percent of Americans were late making a credit card payment.

It has been said that credit card debt is like investing in reverse - instead of watching your money grow, you watch it shrink. Credit Cards usually come with high interest rates and low monthly payments so consumers get bogged down and can end up paying more in interest than they originally borrowed. It is a slippery slope that can lead to damaged credit, health problems and bankruptcy.

Credit Card Debt Relief

Try some of the following tactics to lessen the burden of your credit card debt:

  • Stop using your cards. You will be fighting a losing battle if you continue to rack up debt while trying to pay it off. Cut your cards in half, delete them from your browser cache, whatever you have to do to stop using them.
  • Pay as much as you can, not just the monthly minimum. This can help you pay off your credit card debt faster and greatly reduce the amount of interest you end up paying.
  • Try the “snowball technique” and pay off the smallest credit card debts first. By paying off one of your cards you will free up money that can be used for other things, ideally more credit card relief.
  • Try the “snowflake technique” and send in whatever spare dollars you have laying around. All those small payments will add up to big chunks of your debt disappearing.
  • Sell some stuff. Look around the house and see if you have anything you could sell to make a few extra bucks. Hold a garage sale or offer to do some extra work on the side. Send in all your extra money to the credit card companies.

Credit Card Debt Relief Programs

Most credit counseling agencies offer credit card specific programs. Look into which local agencies are members of the Founding for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies. These associations are comprised of the most trusted and respected agencies in the country.

Once you’ve found an agency ask the following questions:

  • What type of credit card debt relief services do you provide?
  • Do you provide educational courses or materials?
  • What are the fees for your services?
  • How is your organization funded?
  • What type of training do your counselors have? Are they certified?
  • Who regulates your agency?