This time of year, it is normal for American consumers to face overwhelming credit card debt from the holiday shopping season. Michigan readers may know how hard it can be to deal with the sudden onset of exorbitant credit card debt, but there may be options to move past this situation. It is not uncommon for holiday debt to accumulate on top of existing debt, leaving consumers wondering how they will ever pay it all off.

Fortunately, there are ways to deal with large amounts of credit card debt. In fact, credit experts say that it is best to deal with this kind of holiday debt as quickly as possible after the new year. Credit card debt may catch more people off guard because of the very high interest rates, the credit card cycle timing and more. One of the first steps to take is to stop using all credit cards. Additionally, it may also be helpful to pay off the smallest debt that is owed or the card with the highest interest rate.

Many Michigan consumers may not realize that some credit card companies may be willing to negotiate lower interest rates. Some consumers may even qualify for a zero interest card. In some cases, saving money in other areas and applying the savings to the card balance is helpful. It is also recommended that people avoid the same pitfalls by making a budget for all retail purchases.

Despite taking some of these suggested steps toward paying off credit card debt, it may be impossible to overcome in some cases. When people find themselves in this situation, it may be a viable option to consider certain types of bankruptcy. Of course, this is a serious decision, so it is best to get all available information before moving forward.

Source: Deseret News, Kill the ghost of holiday debt once and for all, Michael De Groote, Jan. 30, 2014