Learn how to pay off credit card debt when you have no money. This is not an impossible task! Get the information that will save your financial life. Don't go bankrupt just because you are in debt. Our top financial expert dives in on how to pay off credit card debt when you have no money.
"Credit card debt in this nation has topped $1 trillion. So I expect these questions will arrive in my inbox ever more frequently, and even though I hear these horror stories all the time, they continue to scare me."
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Credit card debt in this nation has topped $1 trillion. .
Credit card debt is especially insidious because even when you’re in too deep, you can keep right on going. Making those minimum payments can deceive you into thinking, “I can catch up.” It’s like losing all your money gambling at the blackjack table, and with your last $20 thinking, “If I can just hit 21, I can get on a hot streak and come back.”
Let me begin to address these common questions like this: The definition of insanity is doing the same thing over and over again, yet expecting a different result. You won’t get out of credit card debt by using money as you always have.
With that said, here’s some quick advice for salvaging even the most stressful credit card debt…
1. Credit counseling
This is the first step, and it’s crucial. It’s also free.
Credit counseling agencies are nonprofits. Some are better than others, but the best offer you a free debt analysis from a certified — that means trained and tested —credit counselor. You can’t get out of debt until you know how you got into debt. A debt analysis will show you exactly what your options are.
2. Debt management program
This is the most powerful tool for getting rid of credit card debt. A DMP, as it’s called, can reduce your monthly payments by 30 to 50 percent and freeze all late fees. Basically, your credit card issuers agree to forgo much of their profits to get paid back the principle you owe.
Sounds easy, but there are some hard rules. For instance, you can’t run up any new credit card charges — because that’s what got you into trouble in the first place. Depending on how much you owe, it can take a few years to pay it off. Then again, those who emerge from DMPs report a sense of happiness and lack of stress they haven’t felt in years.
Read more: Debt Management Program Pros and Cons
3. Bankruptcy
This is your most severe option, but it’s neither dangerous nor embarrassing. As my fellow financial expert Steve Rhode has said, “bankruptcy is better for consumers than financially limping along.”
Of course, there are drawbacks. If it were easy, everyone would do it, and frankly, not everyone should do it. Certainly, no one should do it without consulting an expert.
Bottom line
Don’t waste another day stressing out about credit card debt — or ignoring it or whining about it. You have choices. Some are easier than others, but all are proven ways to get out from under this burden. You have no excuse. Do it now. You can even call Debt.com to find experts in any of these fields to help you.
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