Credit card debt is nothing new in New York or the rest of the country. The majority of Americans face credit card debt. Forbes cites that Americans owe creditors about $1 trillion. If you are in over your head, do not worry. There are ways that you can manage your debt and take control of your financial situation.

There are several ways that you can approach the subject of credit card debt. It is clear that you need a strategy but each strategy comes with its advantages and disadvantages. One route that you can take is to list all of your debts. Make the minimum payment on each card every month. If you have left over money, then you should pay it towards the card with the smallest balance. Do not pay any attention to your interest rate. Instead, focus on the outstanding balance. This provides you with an opportunity to pay off one card quickly. Once you pay this debt off, you can focus that money towards another balance.

Another credit card management strategy is to focus on the interest rates. Put the majority of your funds into the credit card with the highest interest rate. Then, once you pay the card off, you can focus on the card with the next highest.

If neither of these options is appropriate or if you feel as though you are still in over your head, you can consider a balance transfer card or debt consolidation. When debt management fails, bankruptcy can be a strategy too.

This information is not intended to be legal advice but is instead for educational purposes.