How Do I Deal With Huge Credit Card Debt?

How Do I Deal With Huge Credit Card Debt?

Huge credit card debt can be overwhelming for a number of reasons. Fears of owing more debt, losing money, lowering credit scores, and legal consequences are all common. Some people feel like they will never escape their debt, however, there are various techniques for managing and escaping massive credit card debt. At the same time, consider talking to a Chattanooga bankruptcy attorney if your debt is leading to bankruptcy.


The consequences of credit card debt range from accumulating more debt to various debt collection methods. Not paying credit card debt in a timely manner means the interest rate builds up more total debt owed. It can be hard to catch up when the total debt owed makes monthly payments too high to afford.

This is when many people find themselves discouraged and overwhelmed. Multiple financial obligations can sometimes take priority over making monthly credit card payments. Late payments and missed payments can lower your credit score. Poor credit scores lead to higher interest rates which makes paying any future debt that much harder.

When there are multiple missed credit card payments, the lender will usually contact you. Due to certain laws, lenders will often demand the missing credit card payments be made by a certain date. If payments are still missed, your account can fall into default mode.

Once default mode is set and payments are still not made by certain times, the lender can take further action. Debt collection agencies will take charge by forcing the credit card debt to be paid off, whether by taking money from your bank account or paycheck. For many people, this can be scary.


One of the most important steps for credit card debt to take is to stop spending any more money related to debt. All this does is increase the credit card debt you owe and the chances of missing payments. Cutting back on spending is just as important when you feel like you are going to start missing credit card payments.

Sometimes you have to use strategy to pay off massive credit card debt. Strategy can look like creating a budget plan to cut unneeded expenses or the snowball method. A budget lists all your monthly expenses and subtracts this from your monthly income. Then you can see how much money is left each month and where to cut spending.

The snowball method builds motivation for eliminating debt. Start with listing all your credit card debt in order from the lowest to the highest amount owed. Pay the minimum monthly amount owed on all debts but start paying extra on the lowest debt you owe. then pay extra for the next lowest debt owed once the other lowest debt is paid off.


Bankruptcy is not something anyone looks forward to going through. Feel free to call us at Tom Bible Law at (423) 690-7712 for a consultation today about your financial situation. Our dedicated team of Tennessee bankruptcy lawyers is prepared to help you find options for bankruptcy based on your unique financial situation. We are located throughout the Tennessee cities of Chattanooga and Tullahoma.

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