Dealing with high-rate credit card debt? 4 experts who can help now

If your credit card bills feel like they're growing faster than you can keep up with right now, you're not imagining things. With credit card rates averaging nearly 22% currently — and much higher rates for those with fair or poor credit — the cost of carrying a balance on your credit cards can compound quickly, putting you and your finances in a precarious position. And, even if you're making consistent payments, those high-rate charges can keep you stuck in a frustrating debt cycle.

This financial pressure isn't happening in a vacuum, either. Inflation has been cooling over the last few months, but groceries, rent and other everyday expenses are still climbing and taking a toll on your financial health. As a result, using credit cards has become a lifeline for many people when it comes to covering their necessities. But relying on plastic to stay afloat can quickly backfire when those compounding interest charges pile on top of already stretched finances.

So, if you're dealing with something similar, you're in good company right now. Lots of people are facing these types of financial issues — and more importantly, you're not out of options. There are professionals whose sole focus is helping people tackle overwhelming credit card debt. The trick is finding the right kind of help based on your financial situation.

Find out how to get the debt help you need now.

Dealing with high-rate credit card debt? These experts can help now

The following experts could be helpful if you're trying to get rid of your high-rate credit card debt now:

Debt relief specialists

The debt relief experts employed by debt relief companies can work on your behalf to reduce the total amount you owe through a process called credit card debt forgiveness, also referred to as debt settlement. These experts work to negotiate directly with your creditors to settle your balances for less than the full amount in exchange for a lump-sum payment on the account. 

If you're seriously behind on payments or facing collections, this route can potentially save you a significant amount of money on what you owe, making it a lot easier to get rid of your debt. These types of negotiations, if successful, will often result in paying 30% to 50% less than your full balance. 

However, the debt forgiveness process also involves stopping your monthly payments on your debt while the negotiations take place, which may impact your credit score in the short term. It can also come with potential tax liabilities on any forgiven amount and the possibility of creditor lawsuits during the non-payment period. These services also charge fees that generally range from 15% to 25% of the enrolled debt.

Chat with a debt relief expert about your options today.

Credit counselors

Certified credit counselors typically work for nonprofit credit counseling agencies and offer low-cost services to help people manage their money better and get out of debt. So, if you're still current on your payments (or only slightly behind), these experts can be a smart option to consider as they can help you evaluate your finances and build a realistic repayment plan.

One of the most helpful tools these experts offer is the debt management plan. When you enroll in a debt management plan, the credit counselor you work with will negotiate with creditors to potentially lower the interest rates on your credit cards and waive certain fees, consolidating your payments into one monthly amount. This can make it much easier to pay off your balances, which most debt management plans help you do within three to five years.

Financial coaches

Financial coaches focus on behavior — not just numbers. Unlike credit counselors, financial coaches don't negotiate with creditors or manage your payments. Instead, they'll walk with you through the emotional and practical aspects of money management, helping you change habits, set goals and stay accountable.

That, in turn, can be extremely useful for the right type of person. For example, if you're struggling with budgeting, emotional spending or simply feel overwhelmed by your finances, a financial coach can help you identify the root causes of your debt and develop a strategy to get rid of it and stay out of it for good.

Bankruptcy attorneys

When your debt feels truly insurmountable or you're facing lawsuits, garnishments or foreclosure, it may be time to speak with a bankruptcy attorney. This type of expert can help you determine whether you qualify for Chapter 7, which wipes out most unsecured debts, or Chapter 13, which creates a court-approved repayment plan for your debt.

Bankruptcy is a serious step and not the right fit for everyone, but it can be a powerful financial reset if your income simply can't support your debt load. And, many bankruptcy attorneys offer free initial consultations, where they will help you review all your options, including non-bankruptcy alternatives.

However, it's important to note that bankruptcy also carries serious long-term implications for your credit profile. A qualified bankruptcy attorney can explain the full range of consequences and help you navigate the complex filing requirements.

The bottom line

Credit card debt doesn't have to be a life sentence, even when interest rates are sky-high. Whether you're a few payments behind on your credit card bill or just looking for a smarter way to pay down your balances, there are debt professionals who can help you take back control of your finances.

The important thing is to act sooner rather than later. Every month that you wait, your debt grows and your options shrink. So, reaching out to the right kind of expert now could be the move that helps you finally get ahead and stay ahead for good.