You’re buried in credit card debt, looking for a way out but never seem to make any progress. As frustrating as it may be, there are steps you can take to slowly dig yourself out of debt, thus resulting in improved financial circumstances in the future.

While no two people approach credit card debt in the same manner, here are some ideas to consider:

  • Create a debt pay off strategy: Paying the minimum and waiting for months to go by isn’t the best strategy to follow. This won’t allow you to make fast and efficient progress. Consider a more detailed strategy, such as paying off your smallest credit card balance first. This helps you gain confidence, while also knocking out one of your monthly payments.
  • Consider a balance transfer credit card: Too many balances are a challenge to manage. With a balance transfer, you can combine your balances in one account, thus allowing you to more efficiently manage it. This can also save you money on interest charges.
  • Negotiate with your credit card company (or companies): For example, you may be able to make a lump sum offer with the goal of settling your credit card debt for less than what you actually owe. Your credit card company would rather work with you than have you pay nothing at all. Rather than hide from them, embrace the fact that there are ways to work together.
  • Look into bankruptcy: After you try everything else, you may realize that bankruptcy is the only way to make progress. Chapter 7 bankruptcy is designed to discharge many of your debts, with credit card balances among them. And with Chapter 13 bankruptcy, you can reorganize your debt and pay it back over the course of your repayment plan.

There is more than one way to pay off credit card debt, but you won’t make any real progress until you settle on a strategy that you’re comfortable with.

There are pros and cons of every strategy, so take the time to list them out and compare them to your financial circumstances. And if you find that bankruptcy is the only way to improve your situation, it may be time to learn more about the process and your legal rights as a consumer.