In today's society of living above our means, credit card debt has become a common problem. But with any problem there have been found several solutions. If you find yourself in this situation you have several different options.
The first solution is a loan. If your credit rating isn't too bad you could consider a consolidation loan. This type of loan is where you borrow enough money to pay off all your credit cards and be left with one monthly payment. If you own a home or other property you could mortgage your property or get a home equity loan. These options are good because knowing what your equity is in your property guarantees you a specific amount when getting this type of loan.If your credit isn't to good another option is to hire a debt management service. There are also non-profit organization that will help you do this as well. They can give you advice and teach you how to properly manage your credit card debt. Some of then can even contact the credit card companies you owe money too and try to get your rates lowered thus saving you money.
As a last resort you could consider filing for bankruptcy. This option is really only for people who are in large amounts of debt and cannot get a loan to help eliminate it. This option will follow you for years and lowers your credit rating considerably.
After you do get a handle on your credit card debt I would suggest rather than getting another line of credit and starting all over again, you may want to get a secured or pre-payed credit card. It will give you some of the same benefits of using a credit card like convenience, rewards programs, etc.. and the added bonus is that you can only spend what you put into it so you cant rack up the debt again.
