The situation is startling when you come to realize that the amount on your credit card bill is a staggering figure.
You would like to explore the various ways of cleaning up the mess and clearing the dues.
Here are some ideas that could save you from a crisis.
STOP yourself immediately from incurring any further debt as it will only make your life more miserable.
The next step is to make a quick assessment of all your finances including all your debts as against the sources of your income.
Draft a budget that would apportion a fixed amount out of your regular income to pay-off such debts or alternatively you can get a separate account created from which the debt amount will be withdrawn on a particular date.
One smart option is a debt consolidation loan which will lend you money at a lower interest rate to help you pay-off your debts all at one go keeping you from the pain of paying to multiple creditors.
But this option is fine only when you have huge piles of unexpected debts.
The third option is a time-tested one.
Dispose of your other movable and immovable assets at whatever price you get and go for a settlement.
In such circumstances, downgrading to a less expensive life-style will certainly mobilize resources that could bail you out.
Another viable option is debt settlement.
This is a method fast catching up.
It is to approach a specific agency doing a thorough job on debt negotiations.
The settlement body will collect all details about your commitments and tell you to pay in easy installments and once the kitty is sizeably big, they get ready to negotiate with your credit card company.
They tell them point blank that they can get their dues immediately if they are ready for a scaling down of the amount - demand a discount.
That is how they can be sure of money coming from you.
Or they will just see walking a pauper and that is not to their advantage.
So you pay a small fee, a lower rate of interest and demand settlement from the creditor.