How to Dig Your Way Out of Credit Card Debt

Credit card debt can leave you with sinking feeling, stressful days and sleepless nights. Rather than allow the debt to simply take you down with it, take the steps you can now to dig yourself out of debt.

Consolidate the Debt

Rather than have a myriad of credit cards with multiple balances, consolidate all your outstanding credit cards into one debt. You can obtain a formal consolidation loan or simply consolidate on your own. Consolidation loans typically offer a lower overall interest rate and one-payment option than paying each credit card company individually.

Use a Home Equity Loan
If you have an existing home equity loan, these are ideal for creating your own consolidation loan. Not only do home equity loans tend to have lower interest rates than credit cards, but the interest you pay on a home equity loan also tends to be tax deductible.

As you consolidate your debt, you’ll feel more in control of your finances. With manageable monthly payments, you can now focus on getting rid of the debt that you have consolidated. You’ll sleep better at night and your finances will be better off in the long run.