Trying to address credit card debt before filing for bankruptcy

There are millions of Americans who are facing credit card debt issues, and thousands of California residents are among them. When individuals and families find themselves under a mountain of credit card debt, they will likely do their best to construct a plan to pay the debt down. A recent article suggested some tips.

One strategy is to focus on paying off the credit card balance with the highest interest rate first. This method can save California residents quite a bit of money as the balance that is subject to that high interest rate is whittled down. An alternative strategy is to start with the credit card with the lowest balance. Once this balance is paid off in full, the debtor can move on to the next one. This strategy can give a California resident a sense of accomplishment as each successive balance is paid off.

Whatever strategy for selecting which balance to start with is right for you, it can be equally important to ensure that you are paying more than the minimum monthly payment each month. It can also be important to devote as much of your income to paying down the debt as is possible.

Unfortunately, not all California residents will be in a position to attempt to repay their credit card debts. For some, the burden is simply insurmountable. For individuals and families who find themselves in this position, the right move might be to file for Chapter 7 bankruptcy. Doing so could allow for those debts to be discharged.

Source:, "7 On Your Side: Easy ways to dig out of credit card debt," Nina Pineda, June 16, 2017