Working Your Debt Solution Plan: Your Credit Cards

The Dollar 'Get Out of Debt' Course


Do You Have a Debt Problem?

How Long Will It Take to Solve the Debt Problem?

Deciding to Solve a Debt Problem

Your Home

Your Auto Loans

Your Student Loans

Your Unpaid Taxes

Am I a Good Candidate for Credit Counseling?

Am I a Good Candidate for Bankruptcy?
editor's note: This page is the Credit Card lesson of our 'Get Out of Debt' course. If you would like to start the course at the beginning, you can find it here.

Credit card debt can be crippling. So getting to a zero balance is important. We're going to help you do that. So let's get started!

There are two potential paths to reducing credit card balances. One is appropriate for people with good or excellent credit. The other is better suited for people with fair, poor or bad credit. What score qualifies as good?

  • Excellent Credit: 750+
  • Good Credit: 700-749
  • Fair Credit: 650-699
  • Poor Credit: 600-649
  • Bad Credit: below 600

Don't know your credit score? It should be available online at your credit card account or printed statement. You can also get it as part of the My Bankrate App.

If your credit score is over 700 you'll want to follow these steps to being debt-free.

If you credit score is under 700 you'll have two options.

Apply for credit counseling. If your credit card balance is $10,000 or more you may want to consider credit counseling. They'll attempt to get your credit card companies to stop charging late fees and reduce your rate. We recommend agencies affiliated with Financial Counseling Association of America (FCAA). Be prepared with your latest credit card statements when you call.

Use these guidelines to find out of you are a good candidate for credit counseling.

Get professional advice. Sometimes a problem is too complicated to just google an answer. If your debt is serious enough that your credit score is being affected you're in one of those times. We advise readers to use the services of We've worked with the people responsible for it since 1998. You can learn more about them here. Or simply use the form below.

If you're really not sure where to start, send us an email describing your situation. Tell us the important elements and we'll try to point you in the right direction.

Have you decided not to do anything about your debts? Here's what the future has in store for you.

In the next lesson, we'll look at what you can do to restore your credit score. If you have not already completed the lessons on each of the types of debt that apply to you (see the options below), you should do so before you proceeding to the lesson on restoring your credit score.

Choose the Next Step of Your Debt Solution Plan:

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