If you live in the US there is a good chance you’re in debt. The average household in the US has more than $130,000 in debt, and credit card debt is the most predominant form; there are currently over 196 million credit card users, and this number rises every year. However, this isn’t to say credit cards are bad; in reality owning a credit card can significantly benefit your finances, even if you are in debt. Here are three options to check out to improve your financial situation.

Speak To Your Credit Card Company

If you are struggling to make your monthly credit card repayments, you should speak to your credit card company to find out if they can help. While the company is under no obligation to help you, many companies are willing to lower monthly payments if a customer asks. If the company refuses you can try talking to a credit counseller to work out a solid repayment plan.

Try To Settle

It is possible to settle your credit card for less than the actual debt, but you will need to be able to pay a lump sum upfront. It is also worth noting that some companies will ask you to pay the whole amount at once, so this is only an option if you have savings that you want to spend to clear your debt. If you decide to go through with this it is best to try and arrange the deal yourself, as card assistance companies will often charge a large fee for helping you. Simply go directly to your credit card company to find out if they would be interested in settling.

Consider Consolidation

Credit card debt is a fairly common problem in America; the average American has $3,600 in credit card debt, and many of these people have multiple credit cards. This can be problematic as it means that the card owner has to pay various debts and interest rates every month, which can be very expensive. Thankfully you can avoid this by consolidating your debts into one using a personal loan, meaning that you only have to pay one monthly interest rate. This is much easier, and the interest rates also tend to be lower so it is cheaper.

Debt doesn’t have to be something that you’re stuck with for life. If you follow these tips you should be able to clear your debt fairly quickly.