Helping Good People Get Out Of Bad Situations

Tips for paying off credit card debt

On Behalf of developers | July 19, 2022 | Bankruptcy

There are a number of different strategies available for Mississippi consumers who are dealing with credit card debt, and the right one for you will vary based on factors that include the size of your debt and your income. It may be possible to pay off the debt, but sometimes, bankruptcy is the best option.

Strategies for paying

Paying off your debt usually means making more than the minimum payment, and automatic withdrawals can help you stick to that. There are essentially two different ways you can organize your repayment if you have debts across multiple cards. One way is by focusing on the smallest debt first. The other is by focusing on the debt with the highest interest rate. In both cases, as you pay off each card, you add that payment amount to the next card in line, gradually paying larger and larger amounts.

Reduce interest

Along with the above approaches, you might want to consider strategies to reduce the interest you’re paying on some or all of your debts. Rolling your balance onto a lower- or zero-interest credit card or taking out a personal loan can help you consolidate your debts, leaving you with just one payment a month to make at lower interest rates.


If you are struggling to make your payments at all, another option is negotiating with creditors. You can do this on your own or with the assistance of a nonprofit credit counseling agency. However, for many people, even this is out of reach. At this point, you may want to consider bankruptcy.


You may be able to either have your credit card debt discharged through a Chapter 7 bankruptcy filing or work out a payment plan through a Chapter 13 bankruptcy. The latter takes several years instead of the several months for a Chapter 7, but it can help you keep certain assets.

Ongoing debt is stressful. It is important to accurately assess the situation and your ability to repay. If you are unable to do so, bankruptcy can offer a fresh start.

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