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High-interest rate credit card debt can be nearly impossible to pay off with traditional monthly payments. Juggling multiple bills can be stressful and minimum payments barely make a dent in your balances, even when you diligently make payments month after month. If you want to get out of debt, you need to find a solution that makes it easier to pay off your balances.
First, let’s look at how much time, money, and energy your debt is costing you as you try to pay it off. Use this calculator to see how long it will take you to pay off your credit card debt with minimum payments. Enter your total current balance and average interest rate. If you don’t know how your minimum payments are calculated, 3 percent of the balance is standard for most cards.
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Credit card debt relief solutions make it easier to become debt-free. Some solutions focus on helping you minimize interest so you can save time and money. Others focus on getting you out of debt for as little money as possible, so you can get a fresh start faster.
Here’s a quick side-by-side comparison of the solutions that Debt.com can connect you with:
Balance transfer credit cards are specifically designed to consolidate existing credit card debt. These credit cards offer low-interest rates on balance transfers—many have 0% APR periods where no interest applies to transferred balances. This gives you time to pay off your debt interest-free, which allows you to eliminate the balance much faster.
Balance transfers work best for consumers who have a high credit score. The 0% APR period typically lasts from 6-24 months. Excellent credit allows you to qualify for the longest 0% APR period possible, which gives you more time to pay it off interest-free. Your goal should be to pay off the entire consolidated balance during the interest-free period.
A consolidation loan is an unsecured personal loan that you take out to pay off existing debt. You qualify for a low-APR loan based on your credit score. Then you use the funds to pay off your credit card sand other debts. This leaves only the loan to repay.
Debt consolidation loans work best when you have good credit. This allows you to qualify for the lowest interest rate possible, as well as a high enough debt amount that you can pay off all your other debts. You need to have a steady income and good cash flow, so you can save money for emergencies and avoid putting unexpected expenses on credit.
A debt management program is a type of assisted debt consolidation that you set up through a nonprofit credit counseling service. It provides the same benefits that you get with debt consolidation—it combines all your debts into one monthly payment at the lowest interest rate possible.
The difference is that a debt management program doesn’t require new financing, so you can consolidate even if you have bad credit or too much debt to qualify for a loan. The credit counseling team works with your creditors to reduce or eliminate interest charges and stop penalties. This makes it easier to pay off your debt in full, so you won’t damage your credit.
This solution is all about getting you out of debt for the least amount possible. A debt settlement company negotiates with your creditors on your behalf to get them to accept the lowest possible percentage of what you owe. Instead of worrying about interest rates and fees, you pay back a fraction of the balance that you owe.
Debt settlement is ideal for debts that are past-due or already in collections. If you’re struggling to catch up after a period of financial hardship caused by events like unemployment or divorce, this can be the best solution to get back on track. While it will cause some damage to your credit score, you may be in a situation where it makes sense to accept some credit damage in exchange for getting out of debt faster for as little as possible
When debt gets so overwhelming that you can’t reasonably afford to pay everything back, it may be time to consider bankruptcy. You work with a state-licensed attorney to discharge your debts through the courts. This gives you a fresh financial start so you can focus on rebuilding.
There are two types of personal bankruptcy—Chapter 7 and Chapter 13. With Chapter 7, you liquidate any assets that don't qualify for an exemption and the proceeds are used to pay off your creditors. With Chapter 13 bankruptcy, the court sets up a 3 or 5-year repayment plan for you. Once you complete the plan, your remaining balances are discharged.
Talk to a qualified debt relief specialist todiscover which solution will work best in your situation. Debt.com will match youwith the right solutions, then connect you with a top-rated company that will help you get out of debt as quickly as possible.
You guys are the best. I didn’t know that this could be so easy. Thanks!
Very helpful and everything was upfront. We felt that they have our best interest at heart
They connected me with a very helpful customer rep who walked me through the process and disclosed every bit of the process. Very trustworthy.
They came to my rescue and saved me from high interest rates on credit cards
DISCLAIMER - Debt.com does not provide direct debt adjustment services, but, upon request, acts as a locator service for BBB registered companies. It is ultimately up to you to determine whether the companies that we may introduce you to are appropriate for your situation. For debt consolidation programs, where permissible by law, companies may charge a one-time enrollment fee typically from $25 up to $75 for account establishment and for debt relief proposals submitted on your behalf to each of your creditors. Monthly program administration fees will vary from $5 but no greater than $75 depending on your state of residence and/or the number of creditors who agree to accept proposals and become enrolled in the program. Fees subject to change if permissible by law. For debt settlement programs, by law, you may not be charged any fee until a debt settlement is arranged on your behalf, you approve the settlement, and at least one payment is made towards the settlement. Each program offered by independent financial service providers is unique so ask them for their complete details of the program and fees.
Not all consumers are able to complete debt relief programs for various reasons, including their ability to save sufficient funds. The use of debt resolution services could negatively impact your credit and may result in legal action on the part of creditors or collectors for unpaid balances. Consumers enrolled in debt consolidation programs who fail to adhere to the terms of their debt management plan (DMP) may forfeit the benefits of debt relief and revert to the terms of their original creditor agreements. Read and understand all program materials prior to enrollment. Please contact a debt relief specialist for complete program details.
Your debt relief analysis and savings estimate is free, will not affect your credit, and you are under no obligation to enroll in, or purchase, any product or service.