The Credit Card Debt Support Center

Every person is unique, but when you face a challenge like credit card debt, you are never alone. Countless men, women and children have faced the exact same situation and have survived and thrived. The following guide is designed to help you navigate your journey with the best information and resources that helped other survivors when they faced the same challenge.

TSC has scoured the Internet and assembled links to the very best resources about credit card debt: articles, blogs, forums and tools that can help you make better decisions and take action to overcome the range of physical, emotional and other challenges that you face.

As you’ll see, we always welcome your ideas and suggestions to make this Credit Card Debt Guide even more helpful to survivors like you.

JUST FOUND OUT

Survivors Say: Best Resources for Credit Card Debt

Survivors say these are the best resources for those who have just found out they might be carrying too much credit-card debt -- check them out to find out more about your options.

• Credit Card Basics To deal with credit card debt, it's first necessary to understand how credit cards work. Bankrate.com gives a step-by-step guide about the best credit cards for you and how to use them properly.
• Getting Credit  A comprehensive Web site from the Federal Trade Commission's about maintaining, improving and protecting your credit.
• Credit 101 About.com offers a variety of links, from articles about how to manage debt to calculators that let you plug in the numbers needed to pay off your card balance.

The Big Picture

According to the credit-reporting company Experian, the average American with a credit file is responsible for $16,635 in debt, excluding mortgages. As the economy worsens, more Americans are reporting a harder time paying off their credit-card balances. But credit-card issuers are not making it easier because they're increasing interest rates and late-payment fees, as well as reducing credit limits.

Good Debt vs. Bad Debt When used intelligently, debt can be very helpful in building wealth, as this Bankrate.com article explains.

When Balances Go Up, Credit Scores Go Down  This About.com article explains why your credit-card balance affects your credit score -- and your standing with lenders.

Understanding Your Credit-Card Debt Dilemma

10 Signs You're Headed Toward Credit Card Debt  About.com's Top 10 sheet of financial red flags.

Understanding Your Debt To Income Ratio Use this worksheet from Care One Credit Counseling to see how much you owe compared to how much you make, so you can better calculate how quickly you can eliminate your debt load.

Your World

How can you explain your debt to your family? Use advice from people who have opened up about their debt loads in this CreditCard.com article Credit Card Debt: The New Taboo Topic

Credit Card Debt Myths

• "Credit cards are the 'good' kind of debt."
• "I'll be fine as long as I make the minimum payments."

Click on a myth to find out the truth behind it.

Information and Recommended Links for Survivors:

Survivors say these are the best guides -- check them out to find out more about your options:

• How-To Guide: Get out of Debt The Motley Fool's six-step action plan for getting your debt under control.
• What Debt to Pay off First  Bankrate.com explains what to tackle first when paying down your credit-card. Understanding the bigger credit card debt picture will help you understand how much of a problem it truly is.
• What Will it Take to Pay off My Credit Card? Use this Bankrate.com calculator to figure out what your debt-free deadline can be.
• Credit Card Minimum Payment Calculator Another Bankrate.com calculator when you want to figure out long it will take to pay off your bill with just the minimum monthly payments.
• Negotiate With Your Lender Use the Motley Fool's sample script to get your credit-card issuer to give you a lower interest rate

Financial Professionals Who Can Help You Eliminate Credit Card Debt

You can deal with your credit card debt. It probably will require some financial cutbacks, but in the end you'll free yourself from "debtors' prison." Here are some links to help determine what organizations to contact for help.

• Seeking Debt Help  If you've tried to reduce your debt and still can't, Bankrate.com offers this guide for determining whether you need expert assistance.
• National Foundation for Credit Counseling  This nonprofit organization has 900 agencies nationwide that offer budget counseling, debt management plans and financial literacy courses.
• Association of Independent Consumer Credit Counseling Agencies  An accredited agency with certified credit counselors in all 50 states.
  

Helpful Books About Credit Card Debt

• The 5-Minute Debt Solution by Chris Hendrickson: Getting out of debt and keeping your financial matters organized for life.
• BestCredit: How to Win the Credit Game by Dana Neal: A credit repair guide written by a former debt collector.
• Credit Card & Debt Management: A Step-By-Step How-To Guide for Organizing Debt by Scott Bilker: Formulas for digging out of the credit-card debt hole

Creating a Support Circle

• Set up your TSC Survivor Profile.
• Join support groups of other survivors or set up your own.
• Interact and provide updates.

Dealing With Credit Card Debt: Information for Co-Survivors:

How You Can Help

• Help a friend or loved one perform "plastic surgery” by helping them cut the cards in half, or holding onto them so they don't have easy access.
• Set a good example of living within your means. Sit down and discuss how, where and on what money should be spent.
• If your spouse is struggling with credit card debt, help out by finding ways to cut down on household and family expenses.

What to say

• "If you apply your finances toward getting out of debt, you can accomplish your goal!"
• Instead of putting that (unnecessary purchase) on your credit card, why not wait until you have cash for it?"
• I've thought of a few ways to cut costs around the house so we can reduce the debt load quicker,  like eating in more, reducing magazine subscriptions, and getting a cheaper cable package."

What not to say

• "You've been completely irresponsible with your cards from day one, so I'm not surprised."
• "You're probably going to have to file for bankruptcy to get out of this jam quickly."
• Although you should be a straight shooter in helping your friend or loved one survive credit card debt, avoid offering any advice that is negative or insensitive.

Things You Can Do for a Survivor Every Day

• Offer a proper example by not using your credit card for his purchases. By offering an example, you can also create a level of accountability , asking him to share his progress on a regular basis. Honey, Your Credit is Bringing Me Down

How to Build a Support Network

• Set up your TSC Co-Survivor Profile.
• Create a support group for your family member or friend.
• Interact and provide updates, sharing your co-survivor journey.

Helping a Survivor to Cope With Day-to-Day Challenges

Work

• Help by encouraging the survivor to work towards excellent credit -- because that could help her find a good job. When Bad Credit Can Cost You a Job
• The unemployed hold onto their rights when it comes to fair debt collection and fair credit-reporting practices. Out of Work? How to Deal with Creditors

Family

• Credit card debt can cause an undesirable amount of stress, which can in turn affect family relationships. Helping the survivor and other family members to sit down and discuss frustrations with each other can ease the tension and strengthen support.

With focus, your credit card debt can become a memory. Just consider how much better you'll feel just to see your next card bill with the amount cut in half. That visual alone can motivate you to eliminate all of that unwanted debt.

Getting Through Your Credit Card Debt

Four Ways to Stay Encouraged While Paying Debt The blog Watson Inc says you don't have to stop living your life while paying off debt.

How to Repair Your Credit About.com has a detailed do-it-yourself guide to improving your credit rating.

Annual Credit Report  Keep tabs on how your debt-reduction efforts are paying off by ordering your credit report for free from the three credit-rating agencies once a year.

Motley Fool Discussion Boards Ask questions from -- and offer your help to -- people also doing debt repayment.

Give Back

• Create a TSC profile and start interacting. 
• Share your story -- how you found your way out of the credit-card debt scenario.
• Become a mentor for another credit-card debt survivor.

When You Can't Dig Out of Credit Card Debt

If it's too overwhelming, you have a few options, ranging from realistic budgeting and credit counseling to debt consolidation, and even bankruptcy. Before you make a drastic move, find out which one works best for you.

• Knee Deep in Debt  This article from the Federal Trade Commission details each option between budgeting and bankruptcy. 
• Bankruptcy Alternatives  Bankruptcy lawyer Mory Brenner explains when it's best to file and when it's best to explore other options for debt repair. 
• Rebuilding Credit After Bankruptcy The Bad-Credit Advisor Blog recommends steps for rebuilding credit after filing for bankruptcy.