When it comes to your finances, there’s no worse feeling than being bogged down by credit card debt. You know that you need to eliminate it as quickly as possible, but for one reason or the next you find it difficult to make progress.

You feel stuck. You feel like giving up. You feel that you have no choice but to default and take the financial hit.

Even though you’re frustrated and at a loss for words, there are steps you can take to get back on track. There are things you can to do better manage your credit card debt.

Here are a handful of tips you can use to your advantage in 2021 (and beyond):

1. Know What You’re Up Against

This is where many people get caught up. They know they’re swimming in credit card debt, but unsure of exactly what that means.

Tally all your credit card debt, no matter how many cards you have. Along with this, make note of details such as:

• Payment due date
• Interest rate
• If you’ve made late payments in the past
• Minimum payment

The more you understand about your credit card debt, the easier it is to make decisions that’ll benefit you in the near future.

2. Have a Plan

No two people are dealing with identical circumstances, so it’s critical that you have a customized plan for managing your credit card debt.

For example, if you have debt spread across multiple credit cards, decide which balance you want to eliminate first.

Without a plan, you’re simply paying money and hoping for the best. This may help you make some progress, but there’s also a chance that you’ll proceed in an inefficient manner.

3. Consider a Balance Transfer Credit Card

This allows you to take all of your credit card debt and put it under one roof. So, if you have three credit cards with a balance, you can combine them on a balance transfer credit card.

When you do this, you’re left with a single balance. This is easier to manage. Furthermore, since you’re likely to secure a zero percent introductory rate, you’re in position to save money.

Final Thoughts on Managing Credit Card Debt

The best way to manage credit card debt is to avoid it altogether. When you do this, you never have to worry about devising and carrying out a plan.

Of course, this isn’t realistic for some people. There’s always a chance you could find yourself dealing with credit card debt.

Rather than run and hide, tackle this financial challenge head on. Doing so will help you better understand your debt, the steps you should take next, and where you can end up with the right strategy guiding you.

Do you have any additional tips for managing credit card debt? What has worked for you in the past?