5 proven strategies to get rid of credit card debt (2023)

With high inflation, more and more Americans rely on credit cards to survive. Due to unemployment, many people had to rely on credit cards to pay essential expenses and bills. Even with the return of income, repayment of debt can be difficult due to the high interest rate.

Here's how credit card debt relief can help you regain your stability andget rid of debts.

You are not alone in dealing with unpayable credit card debt:

  • US credit card balances will increase to $986 billion in 2022, up from $771 billion in 2021.
  • The fourth quarter of 2022 is the highest recorded quarterly growth.
  • In 2022, over 18 million people will default on their credit cards.

If you are having financial difficulties, there are manydebt forgivenessManage your credit card debt with options offered by non-profit and for-profit companies.

It's important to understand which options are legitimate, how to avoid scams, and how they work. TurboDebt can help you find itThe best debt relief packagesFor your personal financial situation.

What is credit card debt relief?

Credit card debt relief is any strategy that can reduce your debt burden and make repayment easier.

When you're dealing with a mountain of credit card debt, anything that can help you manage it can be a relief.

Your personalized credit card debt relief plan can be one or a combination of the following strategies:

  • Restructure your credit card balance
  • Combine multiple credit cards into one easy payment method
  • Negotiate with your credit card company to reduce the amount you owe
  • Pay off capital faster
  • Find low-interest credit cards or high-interest loans to pay off debt

TurboDebt can guide you so you can find a program that's right for you and create the space you need.

(Video) 5 Proven Strategies to Conquer Credit Card Debt and Get Out of Financial Trouble

When to ask for credit card debt forgiveness

A good time to seek credit card relief is when you're late on your credit card bill, find that your debts are too large, or struggle to pay your lender on time.

2021.,The average American has more than $5,525 in credit card debtIt is the second largest source of debt in the United States after mortgage loans.

People living in the highest cost of living states, such as Alaska, Hawaii and Connecticut, which have the highest credit card balances, are especially affected.

No wonder 7 out of 10 Americans say debt relief is important to themimprove your well-being.but don't despair becausehave a way outThis oppressive cycle of debt and borrowing.

In addition to creating a debt repayment plan, you can work with a professional counselor to address the spending habits that leave you in debt.

How does credit card debt forgiveness affect your credit score?

Debt relief optionsYour credit score will be affected by many factors, such as the options you choose and your current credit score.

  • Options such as credit counseling and debt management programs have little or no impact on your credit score. I can even help youimprove your credit scoreIf you pay now and stick to the plan.
  • Options such as credit card debt settlement can affect your credit report. This option is often used when you have exhausted your credit card limit or feel you will not be able to make minimum payments. Your credit score may already be low, usually around 650, which means you are generally unable to borrow and have no credit score.

You can request a free credit report to monitor your current score.

Regardless of the current situation, there is always an opportunity to start a new life. TurboDebt can help you find debt relief options that will meet all your requirements.

Choosing the best credit card company

there are many of themdebt relief companyToday there is something that can help you, so it is important to check their online reviews, certifications and make sure they live up to what they promise.

When choosing a partner company, this is the most important thingKeep an eye on any solutionsThis can negatively affect your credit score.

(Video) How To Pay Off Credit Card Debt Quickly: 5 Proven Strategies

There are some warning signs that you may not be dealing with a legitimate debt relief company. thisFederal Trade CommissionWatch out for these red flags:

  • Makes sure your debt is gone
  • It requires settlement of all debts and suspension of collection calls from card companies
  • Charge upfront, even before they perform any service

Before you decide to sign up for any plan, check the company's reviews to see if there are any complaints about the company.

3 Proven Credit Card Debt Reduction Programs

Whatever your situation, there are severalProven debt relief optionsSpecifically designed to help you manage your credit card debt.

Credit card balance transfer

Balance transfers allow you to pay off all your credit card balances with minimal interest charges. This means you can lower your monthly payments, save money andPay off your debt faster.

If you have good credit, applying for a 0% APR balance transfer credit card is ideal. If you have excellent credit, you may even qualify for the longest 0% APR introductory period.

Many credit cards have promotions that last up to 24 months, so you'll have more time to pay off your credit card debt interest-free.

Here's how it works:

  • Open a credit card to transfer the balance. Your credit score will determine your credit limit, terms and rates for which you qualify.
  • Transfer balances from all your existing credit cards to your new account. A transfer fee will be added.
  • Pay off the debt without interest within a certain number of months.

If you want to enjoy the greatest savings, it is important to pay off all liabilities on time so as not to incur any interest.

Low interest consolidation loans


Another option is to consolidate credit card debt by offering a personal loan at a lower interest rate than a credit card.

Like a balance transfer, this option is only available to people with good or excellent credit. A higher credit score qualifies you for a lower interest rate. Try to find any loan productAPR below 10%Get the relief you need.

Here's how it works:

  • Compare rates offered by different financial institutions to find the best rate.
  • Apply for a loan and wait for approval.
  • Once your loan is approved, you can use the funds to pay off all of your debt.
  • Pay off your personal loan regularly.

When using a personal loan for debt consolidation, it is important to choose a loan with a shorter repayment period to lower the total cost of repayment.

Credit card debt settlement

If your credit score is not good or you need extra monthly financial relief, debt settlement may be a good option for you. A professional debt relief company can negotiate with your credit card company to pay off your debt with a lower lump sum.

A debt repayment plan can help you succeedreduce your debtIn this way, difficult situations such as bankruptcy can be avoided.

Many debt relief companies can also negotiate lower interest rates, lower penalties, lower fees, fixed payment schedules, or lower minimum payments.

According toAmerican Fair Credit Board, a debt settlement company that can help you save $2.64 for every $1 you pay. You can also save up to 50% of your original debt before fees, so this can make a big difference to your financial situation.

Alternatives to credit card debt relief programs

If the above options do not seem feasible, various alternatives can be explored. It is important to remember that no matter how bad a situation seems, there is always a solution.

Credit card debt management program

(Video) The EASIEST Way to Get Out Of Debt (Even On A Low Income)

If you feel you're not making progress in paying off your unsecured debt, it may be time to seek professional help. In many cases, credit card companies may be reluctant to work with you if you don't pay or have bad credit.

Cooperation with a professional credit advisor means somethingLawyer for youThey can review all your options and help you choose a plan that fits your financial situation.

Once you've determined that a debt management program is right for you, you can enroll in the program. They will create a repayment plan and monthly payment structure that fits your budget. They will also negotiate with creditors to waive or reduce fees, interest and penalties.

You can also find a credit counselor through the National Credit Counseling Foundation.


Bankruptcy can have a serious impact on your credit, and the effects can last for years. It's important to explore all your options before considering bankruptcy.

Depending on your situation, you can file for Chapter 7 or Chapter 13. It's also important to understand that bankruptcy is a legal process that involves additional costs in the form of:attorney fees.

Bankruptcy may not always discharge all your debts. Ultimately, that decision will be made by the court.

next step

If you're burdened with credit card debt and you're not sure which option will best ease your burden, it's time to talk to a professional.

Reputable debt relief agencies can help you understand your options, finddebt resolutionThis is convenient and can help you create a debt repayment plan.

TurboDebt offers advisory, advisory and planning services to help with your credit card debt repayment and repayment plans. We offer various debt management options to help you achieve your financial goals. Connect with our seasoned debt relief expertsfree consultationToday.

Here's what our satisfied customers have to say about our debt relief services in these areaspositive comments.

(Video) How to Pay Off Credit Card Debt FAST (3 Proven Ways)


5 proven strategies to get rid of credit card debt? ›

If you want to get out of debt as quickly as possible, list your debts from the highest interest rate to the lowest. Make the minimum monthly payment on each, but throw all your extra cash at the highest-interest debt. This is sometimes called the debt “avalanche” method of repayment.

What are 5 ways to get out of credit card debt? ›

How to pay off credit card debt
  • How to pay off credit card debt. Use a balance transfer credit card. ...
  • Use a balance transfer credit card. ...
  • Consolidate debt with a personal loan. ...
  • Borrow money from family or friends. ...
  • Pay off high-interest debt first. ...
  • Pay off the smallest balance first.

What is the smartest way to get rid of credit card debt? ›

If you want to get out of debt as quickly as possible, list your debts from the highest interest rate to the lowest. Make the minimum monthly payment on each, but throw all your extra cash at the highest-interest debt. This is sometimes called the debt “avalanche” method of repayment.

What are the 3 biggest strategies for paying down debt? ›

Tips for paying off debt
  • Stick to a budget. Whatever strategy you choose for paying off debt, you'll need a budget. ...
  • Start an emergency savings account. There's nothing like an unexpected car repair coming to ruin all your plans to get out of debt. ...
  • Reduce monthly bills. ...
  • Earn extra cash. ...
  • Explore debt relief options.
Oct 31, 2022

How can I legally get rid of my credit card debt? ›

No, you really can't get rid of credit card debt without paying. Filing bankruptcy for credit card debt will indeed lets you escape credit card debt. But if you're asking, “How can I get rid of credit card debt without paying anything to anybody?” the answer is still: You can't!

How to pay off 40k in debt fast? ›

How to Pay Off Debt Faster
  1. Pay more than the minimum. ...
  2. Pay more than once a month. ...
  3. Pay off your most expensive loan first. ...
  4. Consider the snowball method of paying off debt. ...
  5. Keep track of bills and pay them in less time. ...
  6. Shorten the length of your loan. ...
  7. Consolidate multiple debts.

How to get out of 50k debt in one year? ›

What it takes to pay off $50,000 in debt in one year in 5 steps
  1. The benefits of paying off all your debt in a year. ...
  2. Tips to pay off $50,000 of debt in a year. ...
  3. Create a budget and track all expenses. ...
  4. Be mindful of debt fatigue. ...
  5. Prioritize paying high-interest debt first. ...
  6. Get a higher-paying new job. ...
  7. Freelance on the side.
Feb 1, 2022

Can credit card debt be forgiven? ›

Credit card debt forgiveness is when some or all of a borrower's credit card debt is considered canceled and is no longer required to be paid. Credit card debt forgiveness is rare. Types of credit card debt forgiveness include a restructured debt settlement plan and bankruptcy.

How to get out of 30K credit card debt? ›

4 ways to pay off $30K in credit card debt
  1. Focus on one debt at a time.
  2. Consolidate your debts.
  3. Use a balance transfer credit card.
  4. Make a budget to prevent future overspending.
Jul 22, 2022

What will dissolve credit cards? ›

Put your card in a vessel and fill with acetone until the card is completely submerged. Cover the container so the acetone doesn't all evaporate, and wait 15-30 minutes.

What is a trick people use to pay off debt? ›

Debt snowball: With this strategy for getting out of debt, you focus on paying off your smallest balance first. Put all the extra money you can dedicate to debt payoff toward that account while continuing to pay the minimums on the others.

How to pay off $15,000 fast? ›

How to Pay Off $15,000 in Credit Card Debt
  1. Create a Budget. ...
  2. Debt Management Program. ...
  3. DIY (Do It Yourself) Payment Plans. ...
  4. Debt Consolidation Loan. ...
  5. Consider a Balance Transfer. ...
  6. Debt Settlement. ...
  7. Lifestyle Changes to Pay Off Credit Card Debt. ...
  8. Consider Professional Debt Relief Help.
Oct 20, 2022

What is the debt stacking method? ›

Debt stacking allows you to make the same total monthly payment each month toward all of your debt and works best when you do not accrue any new debts. You continue this process until you have paid off all of your debts.

What percentage will credit card companies settle for? ›

Typical debt settlement offers range from 10% to 50% of the amount you owe. Creditors are under no obligation to accept an offer and reduce your debt, even if you are working with a reputable debt settlement company.

How much credit card debt is normal? ›

Average credit card debt by age group
GenerationAverage credit card debt
Baby boomers (57-75)$5,804
Generation X (41-56)$7,070
Millennials (25-40)$4,576
Generation Z (18-24)$2,282
2 more rows
Feb 23, 2023

What is considered a large amount of credit card debt? ›

If your total balance is more than 30% of the total credit limit, you may be in too much debt. Some experts consider it best to keep credit utilization between 1% and 10%, while anything between 11% and 30% is typically considered good.

Is $30,000 in debt a lot? ›

Many people would likely say $30,000 is a considerable amount of money. Paying off that much debt may feel overwhelming, but it is possible. With careful planning and calculated actions, you can slowly work toward paying off your debt. Follow these steps to get started on your debt-payoff journey.

How to pay $10,000 in debt in a year? ›

The simplest way to make this calculation is to divide $10,000 by 12. This would mean you need to pay $833 per month to have contributed your goal amount to your debt pay-off plan.

Is $20,000 debt a lot? ›

“That's because the best balance transfer and personal loan terms are reserved for people with strong credit scores. $20,000 is a lot of credit card debt and it sounds like you're having trouble making progress,” says Rossman.

What is the average debt of a 55 year old? ›

According to data on 78.2 million Credit Karma members, members of Generation X (ages 43 to 58) carry the highest average total debt — $61,036. In this study, debt includes the following account types: auto leases, auto loans, credit cards, student loans and mortgages.

How much is the average 50 year old in debt? ›

Here's the average debt balances by age group: Gen Z (ages 18 to 23): $9,593. Millennials (ages 24 to 39): $78,396. Gen X (ages 40 to 55): $135,841.

How much debt do most 50 year olds have? ›

Below is a breakdown of the average amount of debt by age in the United States.
  • 18—24 year olds = $9,593. ...
  • 25—34 year olds = $78,396. ...
  • 35—49 year olds = $135,841. ...
  • 50 years or older = $96,984. ...
  • Know your debt-to-income ratio. ...
  • Use a balance transfer card. ...
  • Use a line of credit.
Oct 2, 2020

What debts Cannot be forgiven? ›

There are certain categories of loan debts, called Non-dischargeable debt, that cannot be cleared by a bankruptcy proceeding. These debts include student loans, taxes (most state and federal), local taxes, money paid from a credit card for those taxes, child support, and any alimony.

Do credit card companies offer forgiveness? ›

Most credit card companies are unlikely to forgive all your credit card debt. But they occasionally accept a smaller amount to settle the balance due and forgive the rest. Or the credit card company might write off your debt. But this step doesn't eliminate the debt—it's often sold to a collector.

What is credit card forgiveness program? ›

Credit card debt forgiveness is when your credit card issuer forgives some (or all) of what you owe on your credit card account. You'll settle your account for less than what you owe and won't have to pay the full amount.

What is the rule of 72 for credit card debt? ›

You can also apply the Rule of 72 to debt for a sobering look at the impact of carrying a credit card balance. Assume a credit card balance of $10,000 at an interest rate of 17%. If you don't pay down the balance, the debt will double to $20,000 in approximately 4 years and 3 months. There's a sobering fact.

Is $5,000 a lot of credit card debt? ›

It could lead to credit card debt

In fact, the average credit card interest rate recently surpassed 20%. That means a $5,000 balance could cost you over $1,000 per year in credit card interest. The best thing to do with your credit cards is to pay them in full every month.

How to get out of 45000 in credit card debt? ›

Here are some things to consider before creating a plan to tackle your credit card balances.
  1. Reevaluate or Create Your Budget. ...
  2. Look for Ways to Decrease Recurring Expenses and Increase Income. ...
  3. Set Concrete Goals. ...
  4. Ask for a Lower Interest Rate. ...
  5. Look Into a Debt Consolidation Loan. ...
  6. Consider a Balance Transfer Credit Card.
Sep 9, 2020

Can a strong magnet erase a credit card? ›

Credit cards usually use ferrous oxide with a covering of plastic. The plastic protects your card from grazes and scratches. However, if another magnet is held close to your credit card for prolonged exposure, your credit card can lose its functionality and may stop working.

What is the best way to destroy credit cards? ›

“We recommend that consumers cut through the EMV chip, then further cut the card a few times along the short side, and dispose of the sections in more than one trash bag,” says Sarah Grano, a spokeswoman for the American Bankers Association. Or feed plastic cards into a paper shredder designed to handle them.

How should I destroy my old credit card? ›

Once you've received your replacement in the mail from your issuer, you can cut the card with scissors and throw the pieces away in the trash. Some paper shredders also have a slot for credit and debit cards that makes it easy to destroy them along with other important documents you no longer need.

How do you break a debt trap? ›

Opt for debt consolidation: One of the best ways to get out of a debt trap is debt consolidation. This means that you can take a new, lower-cost Personal Loan and pay of several of your pending debts. When you consolidate your debt, you are combining multiple debts into a single debt.

What to do when you are in debt and have no money? ›

I'm in Debt With No Job and No Money – What to Do
  1. Enroll in a hardship program. ...
  2. Make a budget and prioritize your expenses. ...
  3. Cut your spending. ...
  4. Manage credit cards wisely while unemployed. ...
  5. Apply for government assistance. ...
  6. Think before withdrawing money from your 401(k) ...
  7. Take out a home equity loan to pay off debt.
Dec 2, 2022

Is the National Debt Relief Program legitimate? ›

National Debt Relief is a legitimate company that has helped hundreds of thousands of people negotiate their debts. The company's debt coaches are certified through the International Association of Professional Debt Arbitrators (IAPDA). National Debt Relief is also a member of the American Fair Credit Council (AFCC).

What is the 15 3 payment trick? ›

The Takeaway. The 15/3 credit card payment rule is a strategy that involves making two payments each month to your credit card company. You make one payment 15 days before your statement is due and another payment three days before the due date.

How can I make $200 a day cash? ›

Top 25 Ways to Make $200 a Day
  1. Take Online Surveys.
  2. Invest.
  3. Deliver food.
  4. Drive for Uber and Lyft.
  5. Freelance on Fiverr or Upwork.
  6. Pet Sit.
  7. Babysit.
  8. Be an Airbnb Host.

How can I make $1000 a week cash? ›

Best For
  1. Become a Food Delivery Driver. Take Online Surveys. Earn Cash Back Shopping. Run Facebook and Instagram Ads. Deliver Groceries. ...
  2. Cancel Your Subscriptions. Rent Out Your Car. Make Money When You Buy Gas. Start Freelancing. Get a Part-time Job. ...
  3. Start Pet Sitting. Babysit. Negotiate for a Raise. Flip Furniture.
Mar 28, 2023

What is a debt weapon? ›

Debt Weapons™ are tools that increase your CASH FLOW.

What is debt snowflake method? ›

A debt snowflake is a way of paying off debt that immediately captures small savings for use toward outstanding bills.

What is the debt small ball method? ›

The debt snowball method is a debt-reduction strategy where you pay off debt in order of smallest to largest, gaining momentum as you knock out each remaining balance. When the smallest debt is paid in full, you roll the minimum payment you were making on that debt into the next-smallest debt payment.

Does a settlement hurt your credit? ›

Debt settlement will have a negative impact on your credit score, even though you are reducing your debt obligations. High credit scores are designed to reward those accounts that have been paid on time according to the original credit agreement before they're closed.

What is a reasonable offer to settle a debt? ›

Start by offering cents on every dollar you owe, say around 20 to 25 cents, then 50 cents on every dollar, then 75. The debt collector may still demand to collect the full amount that you owe, but in some cases they may also be willing to take a slightly lower amount that you propose.

How do I get out of collections without paying? ›

You can ask the creditor — either the original creditor or a debt collector — for what's called a “goodwill deletion.” Write the collector a letter explaining your circumstances and why you would like the debt removed, such as if you're about to apply for a mortgage.

What is the average credit score in the USA? ›

Credit scores are three-digit numbers that show an important piece of your financial history. Credit scores help lenders decide whether to grant you credit. The average credit score in the United States is 698, based on VantageScore® data from February 2021. It's a myth that you only have one credit score.

What is an average monthly credit card bill? ›

The typical consumer pays $430 a month toward their credit card debt. If you can't afford your monthly payments, look for ways to lower them. A balance transfer or personal loan could make your debt easier to manage.

Which state has the most credit card debt? ›

Average American Credit Card Debt by State—Alaska Tops the List.

How many people have $50,000 in credit card debt? ›

Running up $50,000 in credit card debt is not impossible. About two million Americans do it every year.

How much is the average person in debt? ›

The average American holds a debt balance of $96,371, according to 2021 Experian data, the latest data available.

Is $20000 a good credit card limit? ›

Yes, a $20,000 credit limit is good, as it is above the national average. The average credit card limit overall is around $13,000, and people who have higher limits than that typically have good to excellent credit, a high income and little to no existing debt.

What are the top 5 reasons to pay off credit card debt? ›

So, as you embark on your debt repayment journey, you may want to consider the benefits that come with paying down credit card debt first.
  • Save money on interest. ...
  • Put an end to wasteful fees. ...
  • Boost your credit score. ...
  • Get a lower mortgage rate. ...
  • Learn to control your spending.

What are the 5 steps of staying out of debt? ›

5 Steps to Getting Rid of Debt
  • Set a goal. All successful projects start with a clear goal. ...
  • Make a list of your current debts. In order to get rid of your debt, you need an accurate and complete list of the debt you have. ...
  • Gather additional information on debt repayment. ...
  • Make a plan. ...
  • Stick with your plan.

How to get rid of credit cards without ruining your credit? ›

A credit card can be canceled without harming your credit score⁠. To avoid damage to your credit score, paying down credit card balances first (not just the one you're canceling) is key. Closing a charge card won't affect your credit history (history is a factor in your overall credit score).

What debt is most important to pay off first? ›

The avalanche method is based on paying off high-interest debts first. To do that, make the minimum payment on all your debts every month, and then put any extra money toward your balance with the highest interest rate.

What are four 4 ways you can reduce your credit card debt? ›

Here's how to lower your credit card debt in four steps.
  • Find a payment strategy or two.
  • Consider debt consolidation.
  • Work with your creditors.
  • Seek help through debt relief.
Jan 25, 2023

Is it better to be debt free or have savings? ›

You will rarely be able to earn more on your savings, than you'll pay on your borrowings. So, as a rule of thumb plan to pay off your debts before you start to save.

What are the 5 golden rules for managing debt? ›

Golden Rules of Finance
  • Pay ON TIME. Pay your bills and loan repayments on time. ...
  • Design a budget and STICK TO IT. ...
  • Generate WEALTH. ...
  • BE AWARE of major life events affecting lending. ...
  • Consider CLOSING STORE CARDS. ...
  • MANAGE spending patterns. ...
  • PROTECT wealth with insurance. ...
  • REVIEW your credit report.

What are 2 ways to get out of debt? ›

The 6 best ways to pay off debt so you can save and budget...
  • Pay more than the minimum payment. ...
  • Create a debt snowball. ...
  • Use a debt avalanche. ...
  • Apply for a debt consolidation loan. ...
  • Sign up for a balance transfer credit card. ...
  • Boost your income.
Dec 27, 2022

How do I remove a charge off without paying? ›

Having an account charged off does not relieve you of the obligation to repay the debt associated with it. You may be able to remove the charge-off by disputing it or negotiating a settlement with your creditor or a debt collector. Your credit score can also steadily be rebuilt by paying other bills on time.

How much credit card debt is considered a lot? ›

If your total balance is more than 30% of the total credit limit, you may be in too much debt. Some experts consider it best to keep credit utilization between 1% and 10%, while anything between 11% and 30% is typically considered good.


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