According to a 2011 survey, the average North American has seven credit cards and carries over $8,000 in balances on those cards. The balance amount is down from $10,000 in 2008, before the recession. No matter how much credit card debt you have, it can feel monumental when you\’re struggling to make your payments on time.

There are some options in dealing with debt before you should look at a relief program. If you cannot pay your bills using these three steps, then it is time to seek professional help in dealing with your credit card balances.

Budgets

Every family should have a budget. Look at every dollar made, and spent. Itemize it so that you can see exactly where your money is going. Are there any expenses you can cut back on? Are you spending money on fancy coffee or on cable packages you don\’t use? Find every miscellaneous expense possible, and cut it out. Determine how much money you can save to apply for your credit card payments.

Power Payments

A power payment is a payment above the minimum required payment. For many people, power payments can be achieved through budgetting. Take every extra dollar saved by cutting back on expenses, and applying it to your credit cards. Focus on one card, typically the one with the highest interest rate. Make your regular payment, plus the additional payment on the card. You can start paying down the balance quickly, freeing up money to use for other cards.

Slow and Steady

If you are not able to attack the largest interest rates, go for the smallest balances. Paying off a credit card quickly can help reduce your monthly payment obligations, and give you momentum heading towards the next card. Once a card is paid off, take the power payment and the minimum payment for the paid off card, and apply it to the next card. Repeating this process can help pay debt faster, clearing credit card debt.

Debt Relief Services

You\’ve examined your budget, tried power payments or slow and steady payments. You still can\’t get out of the woods on your credit card debt. It\’s time to start finding a debt relief company.

With a quality debt relief agency, you can combine your payments into one lump sum, reduce your interest rates, and get out of debt quickly. Some agencies specialize in settlements, helping you to make a one-time payment to pay off your bill at a much lower rate.

Depending on your financial situation, and the amount of your debt, a debt relief specialist will work to save you the most money possible with ensuring your financial freedom. Every person is different, as is every credit card bill. Understanding the industry is paramount for any debt relief service. A company with a long history of satisfied customers is a good sign that you\’re working with a good firm.

No one wants to struggle with credit card debt. Debt relief companies will help you solve your problem.

Having debt issues? Credit Counselling Services of Atlantic Canada Inc. – 20 Alma Street, Saint John, NB E2L 5G6, Canada (888) 753-2227 ‎- specializes in Debt consolidation New Brunswick and debt management services to help you resolve any credit issues you may have.

Having debt issues? Credit Counselling Services of Atlantic Canada Inc. – 20 Alma Street, Saint John, NB E2L 5G6, Canada (888) 753-2227 - specializes in Debt consolidation New Brunswick and debt management services to help you resolve any credit issues you may have. http://www.solveyourdebts.com

Author Bio: Having debt issues? Credit Counselling Services of Atlantic Canada Inc. – 20 Alma Street, Saint John, NB E2L 5G6, Canada (888) 753-2227 ‎- specializes in Debt consolidation New Brunswick and debt management services to help you resolve any credit issues you may have.

Category: Advice
Keywords: Debt,Credit Card,Personal Debt,Tips,Advice,Help, debt recovery, Finance,Economy,Family,Society, leis