A large number of Americans have credit card debt and are left with the stress of economic insecurity. Fortunately, if you're in this situation, several solutions will allow you to regain your financial freedom. While many people can successfully achieve debt relief by filing bankruptcy, you may want to try the following beforehand.

How to Eliminate Your Credit Card Debt Faster

1. Trim Your Expenses & Create a Budget

First, review your monthly expenses and look for ways to trim down your spending. You may find subscription services to cancel or realize that a good portion of your income goes toward eating out. Cutting back in these areas and sticking to a budget will give you more money to put toward your credit card debt. Even small amounts will add up and help get you closer to your financial goals.

2. Prioritize Your Debt

Many financial experts suggest focusing on paying down cards with the highest interest rates first. If you prioritize your debts this way, you'll pay only the minimum on your cards with lower interest and maximize the payments you make on the one with the highest interest. Once this card is paid off, you'll use the money you were paying on it every month to put on the card with the next highest interest rate. This method will save you the most over time.

3. Make More Than the Minimum Payment

By only paying the minimum amount due on your credit cards each month, you'll have a difficult time making any progress on your debt reduction. Additionally, you'll end up owing significantly more than the cost of your original purchases due to interest. Increasing your payments will put you much further ahead on your payoff schedule.

4. Use Balance Transfers

As long as your credit is still in good standing, you may consider applying for a balance transfer credit card. Often, these offer a 0% introductory interest rate for a specified period, which will allow you to move your balance from one card to the new one so you can make interest-free payments. This means all of your money will count toward paying down the principal.

If you’re overwhelmed by credit card debt, filing bankruptcy may be the best step you can take. If this is the case, contact The Law Office of Mark Briden in Redding, CA. For more than 30 years, this firm has remained dedicated to helping clients obtain debt relief and regain control of their finances. Attorney Briden and his experienced team will explore your options and guide you through the process of filing bankruptcy from beginning to end. They’re also happy to offer reasonable fees and payment plans to accommodate your circumstances. Call (530) 222-1664 to schedule a free phone or in-person consultation, or visit them online to learn more about their services.