 TITLE: Can I File for Bankruptcy With $35k in Credit Card Debt? CONTENT: How to Pay Off Credit Card Debt and Avoid Bankruptcy\n----------------------------------------------------\nThere are a few different options you can consider as you work to pay off a high credit card balance:\n*   **Debt snowball method**: If you have the means to make payments, consider this approach to accelerate the payoff process. You'll start by making just the minimum payment on each credit card account, but you'll pay as much as you can toward the account with the lowest balance. Once that account's paid off, you'll take what you were paying toward it and direct it to the card with the next-lowest balance, and so on until you've paid off all your accounts. The debt snowball method can be helpful if you need some quick wins with lower balances to keep you motivated.\n*   **Debt avalanche method**: The debt avalanche method works similarly to the debt snowball method, but with one key difference: Instead of focusing first on your account with the lowest balance, you'll target the account with the highest interest rate. This approach will usually save you more money on interest. How much you save, though, will depend on your account balances and interest rates.\n*   **Debt consolidation**: If your credit is in good shape, you may be able to get a debt consolidation loan or a balance transfer credit card. With the first option, you'll pay off your credit card debt with a personal loan. Depending on your credit, you may qualify for a lower rate than what you're paying now, and personal loans have a set repayment schedule, which can help keep you on track. With a balance transfer card, you can transfer debt from one card to another and enjoy an introductory 0% APR for a period of time, usually 12 months or more. There are often upfront fees with both options, so do your research to find the best and cheapest option for you.\n*   **Debt management plan**: If you're struggling to make your payments but aren't yet behind or you've missed one or two, consider speaking with a credit counselor. Nonprofit credit counseling agencies can put you on a debt management plan. With this arrangement, you'll make one large payment every month to the agency, and it will disburse the funds to your creditors on your behalf. These agencies may also be able to negotiate lower interest rates and monthly payments for you. However, you'll typically need to pay a modest upfront and ongoing fee for this service.\n*   **Debt settlement**: If you're well behind on your monthly payments, debt settlement may be an option to consider before bankruptcy. With this option, you'll employ a debt settlement company or law firm to negotiate with your creditors on your behalf. Before that happens, you'll need to pay into an account with the company or firm until you achieve a balance they can work with. During that time, you won't make payments to your creditors. Late payments and settled accounts can have a significant negative impact on your credit score, so avoid this method unless bankruptcy is your only other option.\nAs with bankruptcy, it's important to consider each option carefully and determine if it's the best path for you. Regardless of which option you choose, though, avoiding bankruptcy can make a huge difference for your future. END