Eliminating expensive credit card debt means more money to improve quality of life and less toward interest payments. It can also bring stress relief. Below are some debt management strategies and considerations.

DIY Cash Flow Management: Start by realistically assessing income and expenses. Identify essential priority expenses each month and determine if your income covers them. If it does and you have some money left for debt repayment, a do-it-yourself (DIY) approach could be effective.

Utah University Extension offers a free debt analysis tool PowerPay. It’s available online at www.powerpay.org

If income barely covers essential expenses, explore the possibility of boosting income or utilizing other assets to pay off credit card debt. If these options are not feasible, debt settlement or bankruptcy may need to be considered.

Debt Settlement: This involves negotiating with creditors to pay less than the amount owed. Understand the potential credit and tax ramifications. Shop carefully if using an attorney or service to help.

Bankruptcy: This legal procedure is designed to help individuals discharge (Chapter 7) or develop a repayment plan (Chapter 13). Find out more about these options at the U.S. Courts website  https://www.uscourts.gov/

UF/IFAS Extension Hillsborough County offers free, 1-1 financial counseling and education. If you are interested, complete this short form https://go.ufl.edu/fin  and an Accredit Financial Counselor® will contact you.

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