A recent study indicates that the average US household has more than $15,000 in credit card debt. That amount of debt is already an alarming number, but when you consider the fact that most credit card balances add interest every month, it can become even more frustrating. Fortunately, there are steps that Florida citizens can take to make their credit card debt a thing of the past.

Develop a strategy

Doing something as huge as paying off thousands of dollars in credit card debt won’t be a task that’s completed accidentally. Finding a strategy and sticking to it can be the difference in success or failure of debt removal.

There are multiple strategies that can be found online. Some experts recommend a debt snowball while others push for a debt avalanche. Finding the right strategy for your individual need is the best chance for success.

Work with creditors

It’s easy to fall into the trap of seeing creditors as the “bad guy” in a debt situation. Depending on how they act, they may have earned that reputation. However, working with them is often a great way to reduce debt quickly.

There are some credit card companies that offer a hardship program where they work with you to create a payment plan. Just be sure to get any agreement in writing.

Bankruptcy

While this is never the first choice, there are times where there are no other options. Fortunately, there are bankruptcy protection plans where you can keep your primary residence and other necessities while wiping out debts. There are repercussions for taking this course, but sometimes it is the only viable option.

If bankruptcy is the only option for dealing with debt, working with an attorney who is familiar with bankruptcy law and proceedings is crucial. This attorney can help their client gather the needed financial information and proceed with a plan that best protects them.