A number of American adults struggle with financial issues; one of the most common is that of credit card debt management. Credit card offers arrive in our mailboxes almost daily, and many of the deals seem too good to pass up.

For the average person, each offer is weighed and measured according to how it may help the individual’s financial situation. But, for the individual already struggling with financial pressures, the temptation of one more credit card may be too hard to resist. If an individual is already thinking about credit card debt management, then this is not the time to be thinking about opening new lines of credit.

Many people take out multiple credit cards, because the credit card companies present such enticing offers. However, few understand that having a lot of available credit may lead to overspending.

For this reason, some Americans have found themselves in a position of needing to seek advice on credit card debt management and solutions.

Credit card debt management begins with accepting responsibility for one’s own finances.

The focal step in credit card debt management is to create and maintain good budgeting habits. To ease the first step in creating your budget, use simple calculators online to get started. When one sets a budget, the first step is to know how much is required to pay all of one’s monthly bills. After all monthly bills are accounted for; any excess income will be best applied towards the least desirable bill.

Practiced credit card debt management can effectively help the individual borrower quickly eliminate debt. Identify the lender who charges the highest Annual Percentage Rate (APR) and try to eliminate credit card debt quickly. When the balance has been satisfied on that particular card–destroy it. Stick to this credit card debt management plan until there is no more debt. This goal may take some time to achieve (perhaps even years).

Credit card debt reduction can also be achieved is by transferring the balance of a credit card with a high APR to a card with a 0% or low-percentage APR. Many companies include free balance transfers or promotional APRs for six months to a year. Paying off the transferred balance in full by the time the deal expires may be an effective and inexpensive method of credit card debt management and elimination.

However, there are a couple of reasons that this method may not advisable. If the promotional deadline date is exceeded, the APR on balance transfers is often much higher than on normal purchases. Also, if a late payment is made on a credit card that offered a special interest rate, the original low-interest offer can be nullified, and additional late fees may be charged to the account. If the promotional deadline date is exceeded or a late payment is made, one may again have a high-interest credit card with a large balance.

Bill consolidation is often presented as a viable and safe alternative to self-directed credit card debt management. A consolidator combines all current credit card balances into one single monthly payment. This type of credit card debt management can even be an enticing solution for those who find it difficult to remember their multiple due dates. As an additional advantage to using a debt consolidation company, they can often lower the APR on any outstanding balances, resulting in additional long-term savings for the consumer.

Many credit card debt management companies recommend credit settlements as an additional consideration. A credit settlement company is similar to a bill consolidation company, in that the bills from multiple credit cards are lumped into one monthly payment. However, credit settlement companies will also work with the credit card company to lower the total outstanding balance. Once an amount is agreed upon, the settlement company will pay the lender the total amount owed. Then the borrower will pay the credit settlement company one monthly payment until the debt is satisfied.

For the average consumer, a good budgeting plan will always be the best option. However, if the debt load is high, using a third-party company to help manage the debt could save the consumer more money and help eliminate the debt more quickly. Balance transfers are great for people whose balances can be paid off in 6 to 12 months. For those with a debt load that cannot be paid in the 6 to 12 months allotted in the credit card offer, bill consolidation or debt settlement will definitely make more sense. Whatever option you choose is up to you, but hopefully, you now have the information to make the best decision given your financial condition.

Companies will also work with the credit card company to lower the total outstanding balance. Once an amount is agreed upon, the settlement company will pay the lender the total amount owed. Then the borrower will pay the credit settlement company one monthly payment until the debt is satisfied.

For the average consumer, a good budgeting plan will always be the best option. However, if the debt load is high, using a third-party company to help manage the debt could save the consumer more money and help eliminate the debt more quickly. Balance transfers are great for people whose balances can be paid off in 6 to 12 months. For those with a debt load that cannot be paid in the 6 to 12 months allotted in the credit card offer, bill consolidation or debt settlement will definitely make more sense. Whatever option you choose is up to you, but hopefully, you now have the information to make the best decision given your financial condition.