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Credit Card Debt Attorney
You probably have some credit card debt if you’re like most people in the United States. The average American household has over $15,000 in credit card debt.
Paying off your credit card debt can be difficult, and it usually requires some hands-on strategies, from negotiating your rates to figuring out the best payment method to contacting your collectors and creditors.
Debt solutions related to credit card debt with a credit card debt attorney
Here are some of the top debt solutions related to credit card debt with a credit card debt attorney that we recommend:
Determine a couple of payment strategies
If you really want to pay off your credit card debt, there are a few potential payment strategies you can use to meet your goal faster. You need to have a concrete repayment strategy and goal in place to help you pay off your credit card debt in a timely manner. Here are some excellent payment strategies to help you pay off your debt:
- Pay more than the minimum. Credit card issuers usually give you a monthly minimum payment, which is around 2 to 3 percent of your credit card balance, to ensure that you are making your credit card payments in a timely manner. That being said, you should keep in mind that your bank makes money off of the hefty interest rates they charge you each and every credit card payment period, so the more months it takes you to pay off your credit card debt overall, the more money they make off of you and your debt from interest. That’s why it’s so important to pay more than the minimum amount requested in order to pay off your debt faster and pay less overall in
- Debt snowball. The debt snowball method is another great way to pay down your credit card debt quickly, since you can use your sense of accomplishment from paying off your debts as motivation to keep going. With the debt snowball payment method, you prioritize your loans and debt by the amount and focus on your smallest loans first. Once you’ve paid off the smallest loan, you roll the payment you were making for the smallest loan into the amount you contribute to your next smallest loan and so on, much like a snowball rolling down a hill.
- Debt avalanche. The debt avalanche payment method is very similar to the debt snowball method, but it actually swaps your priorities. Rather than paying off your credit card with the lowest credit card balance first, you actually pay off the credit card with the highest interest rate first. This ends up being the cheaper and faster method, since you are paying less interest and money overall to your credit card companies.
- Automate your payments. Automating your credit card payments is another excellent way to make sure you are paying off your credit card debt in a timely manner and avoiding racking up extra costs in late fees. We recommend pairing the payment automation method with either the debt snowball or debt avalanche method to make sure you are contributing the exact amounts you want to each credit card account.
Think about debt consolidation
We also recommend consolidating all of your debt into one account, especially if your credit is fairly good but your debt payments simply feel overwhelming. When you consolidate everything into one account, you only need to make one payment each and every month to reduce your credit card debt balance. There are a couple of options for debt consolidation:
- 0 percent balance transfer credit card. While it might seem counterproductive to apply for a new credit card when your primary goal is to eliminate your credit card debt, a 0 percent balance transfer card can actually help you save money on paying down your credit card debt over the long run. We recommend looking for a credit card that provides a long 0 percent intro period, about 15 to 18 months if possible, and you can transfer all of your debt to that one credit card account. You will just have one easy payment each and every month, and you won’t need to pay any interest.
- Personal loans. You can also take out a fixed-rate debt consolidation loan to pay off your credit card debt. You will need to pay some interest, but the interest rates for personal loans are usually much lower than they are for credit cards, so you can save money in the long run.
What debts are discharged in a Chapter 7 bankruptcy?
A Chapter 7 bankruptcy will typically discharge your unsecured debts, including unsecured personal loans, medical bills, and credit card debt. The bankruptcy court will discharge these debts at the end of the bankruptcy process, typically about four to six months after you begin.
There are some kinds of unsecured debts that aren’t discharged through a Chapter 7 bankruptcy, including alimony, student loans, child support, some tax debts, court fees and penalties, homeowners association fees, unsecured debts that you intentionally left off your filing, and personal injury debts you owe because of an accident while you were intoxicated. Your credit can also keep specific debts from being discharged.
Also, a Chapter 7 bankruptcy can discharge the debt that you owe on secured loans. Secured loans are loans that are backed by collateral, including your home for a mortgage. But if the debt is discharged, the creditor has the right to repossess or foreclose on your property.
Work with your creditors
You can also reach out to your creditors to work with them and explain your debt situation. Your creditor might be willing to negotiate the terms of your payment or even provide a hardship program, especially if you have been with them for a long time and have a fairly good track record of making your payments.
Your credit card issuer might provide a hardship program to offer relief when circumstances beyond your control, like a severe illness or unemployment, affect your ability to make your credit card payments. You can usually negotiate for better interest rates or waived fees, depending on your credit card issuer. These simple changes can help you better pay off your credit card debt.
Seek help
If you are really struggling to pay off your credit card debt, you might want to consider more serious debt relief options, like a debt management plan or bankruptcy with a credit card debt attorney. Here are some options we recommend:
- Debt management plan. Debt management plans are a great option for debt relief and are created with the assistance of a nonprofit credit counseling agency. The counselors can negotiate new terms with your collectors and creditors and help you consolidate your credit card debt. You then simply pay the counseling agency one fixed rate each and every month.
- Bankruptcy. You can also file for a Chapter 7 bankruptcy to wipe out unsecured debt like credit card debt, but keep in mind that this comes with some negative consequences. A Chapter 13 bankruptcy helps you create a debt payment plan over three to give years and is a great option if you have assets you want to keep.
- Debt settlement. With debt settlement, the creditor agrees to accept less money than you actually owe. It sounds like a good deal, but it’s not the best option for most individuals.
We recommend speaking to a credit card debt attorney at the Van Horn Law Group to learn more about debt solutions related to credit card debt.
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Affordable Bankruptcy Plans Designed for Real Life
We believe everyone deserves a fresh financial start, not more financial stress. That’s why our firm offers affordable, flexible payment options for clients filing Chapter 7 or Chapter 13 bankruptcy.
For most cases:
You’ll only need to cover court and counseling costs upfront — $388 for Chapter 7, and $648 for Chapter 13.
The remaining attorney fees can be paid over time through a simple payment plan.
In Chapter 13 cases, most legal fees are set by the Clerk of Court for your division and are typically built into your repayment plan, meaning they’re paid over time through your monthly trustee payment — not all at once up front.
If you're facing an emergency or other extenuating circumstances, we’ll work with you to explore your options. Find out if our affordable plans are right for you.
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