Kentucky consumers who are attempting to get out of credit card debt may want to make more than the minimum monthly payment. According to the American Consumer Credit Counseling, individuals should put 5 percent of their income toward paying down debt. However, paying anything above the minimum required payment is considered a good move. This is because it can take about 23 years to pay off a balance of $8,000 making only minimum payments.

There are many different strategies that people can use to repay credit card debt. First, it may be possible to transfer balances from their current cards to those that have a lower interest rate. Even if it isn’t possible to pay the entire balance during an interest-free period, paying down a portion of the principal balance means paying less in interest overall.

Those who choose to pay 5 percent of an $8,000 balance would pay about $400 a month. That would result in the balance being paid off in a little over nine years instead of 23. By putting $550 a month toward an $8,195 balance at zero percent interest, the entire balance could be paid off within 15 months. Making double the minimum payment on a $15,000 balance could save $700 in interest charges over a period of two years.

Individuals who are having trouble paying down a credit card balance could attempt to have it discharged by filing for bankruptcy. Doing so could allow a person to eliminate a credit card debt without having to pay the full balance. Bankruptcy may also be beneficial because it could put a stop to creditor phone calls or other contact.