Credit cards are very easy to get, use and accumulate debt with. Most cards have high interest rates and small minimum repayments causing the balance to grow quickly to the point where it can take decades to payoff.

The ease of use that credit cards allow coupled with the low minimum repayments amounts and high interest rates create a credit situation that can easily spin out of control. Often the immediate solution to a maxed out credit card is to apply for another. Ultimately the debt is so high that it seems that the minimum payments no longer address the balance owing.

It is important to find the correct solution when addressing credit card debt. Opting to address the debt on your own with a dedicated payment plan, attempting to negotiate interest relief, consolidating through a financial institution, or seeking a reputable organization to intervene on your behalf can be overwhelming. A poor decision could result in a larger than anticipated dollar cost, poor credit or unexpected legal impacts.

Reviewing alternatives with an accredited credit counsellor can reduce the confusion and outline the positive and negative impacts of the different alternatives open to address credit card debt.