There are three options for consumers who are looking for ways to get out of credit card debt.  They are debt management, debt settlement and bankruptcy.  You should explore all three options before you decide which one is the best for you.

Debt management should be considered if you are barely able to make the minimum payment on your credit card account.  If you opt for debt management, your card issuer will close your account and reduce your fees and/or the APR.  Debt management will have a marginally negative impact on your credit.

Debt settlement is a bit more risky.  When you choose credit card debt settlement, you withhold payments from your credit card companies, intentionally defaulting on your account.  Doing this will destroy your credit score, but it’s done with the hope that, at some point your credit card issuers will be willing to settle for much less than what you currently owe them.

Bankruptcy is the most severe option for consumers looking to get out of credit card debt.   You should only consider bankruptcy if you find it impossible to make the minimum payments on your credit card accounts, and are facing other significant amounts of debt.  If you go this route, remember that bankruptcy will destroy your credit score, and it will stay on your credit report for up to ten years, making it very hard for you to get loans or lines of credit of any kind.