Do you sometimes feel like you’re so deep in credit card debt that it would be almost pointless to even try to get out — that the problem is just too big? Feeling overwhelmed by debt can make it more difficult to start tackling the issue and paying it down. Do you even know how deep your credit card debt is, or is it a problem you’ve ignored for too long?

Let’s talk about how you can make even the biggest debt accumulation more manageable.

How to Make Your Debt More Manageable

In order to confront your credit card debt, you need to understand your current financial situation and break things down into smaller issues you can deal with one at a time. Here are some tips to get you started.

1. Get organized. — You can’t manage your debt situation effectively if you don’t know exactly where you stand. Write down your balances for each credit card or other line of credit as well as minimum payments due, annual fees, and interest rates for each.
2. Pay off your smallest balances first. — Your credit card with the lowest balance will probably be the quickest to pay off. So prioritize that rather than thinking about the huge lump sum you owe across all of your debts. Paying off something, even if it’s the smallest debt, can motivate you to keep on going.
3. See if consolidation will make monthly payments more manageable. — Debt consolidation isn’t always the right answer. But if you can find a deal that lets you consolidate debts with lower required monthly payments, you might not feel so “in over your head.” This is an especially good option if you can’t even make your minimum monthly payments with scattered balances. Just know there’s also more risk if you default on the larger consolidated debt.
4. Consider balance transfers. — Even if you don’t want to consolidate all of your debts, you could consolidate a few. Or you could move some from high interest cards to lower interest choices. Consider a balance transfer card like the Bankwest Lite MasterCard. It won’t help you immediately pay down your balance, but it will help you minimise future interest accumulations that increase that debt. Every little bit helps.
5. Tap into other funding sources. — If you’re really out of other options, look for new sources of funds to pay down your debts. For example, you might have a family member who could loan you money for a while and for less interest than you’d pay a credit card company. Or maybe you have other savings or investments you could tap into. Some people fear doing this. But as long as your outgoing interest on your debt is higher than the interest you earn on those savings and investments, your money is better put towards getting rid of that debt.

Taking those first steps towards getting out of serious credit card debt can be scary. But that doesn’t mean it’s impossible. Stop thinking about the big picture and instead focus on the little things you can do right now and in the future to whittle away at that total amount owed.