Managing credit card debt can become overwhelming, but there are practical steps you can take to regain control and reduce financial strain, as recommended by CNN.

Consider Balance Transfer Credit Cards

Consolidating credit card debt involves merging multiple balances into a single loan with potentially lower interest rates. The goal is to simplify payments and decrease overall interest expenses.

Experts recommend exploring options such as balance transfer credit cards, which provide introductory periods with 0% annual percentage rates (APRs) on transferred balances. However, it's important to note that transfer fees typically range from 3% to 5% of the transferred amount.

Personal Loans

Another possibility is personal loans, which often offer lower interest rates than credit cards. These loans can consolidate payments into a fixed monthly amount, easing financial planning.

Borrow From 401(k) Offers

According to CNN, borrowing from a 401(k) offers low interest rates and repayment into your retirement account, but it can limit investment growth and incur penalties if not repaid promptly.

Consider Home Equity Loans

Homeowners may opt to use home equity loans or lines of credit, which typically offer lower interest rates than credit cards. However, using your home as collateral means you risk foreclosure if you fail to keep up with payments.

READ NEXT: Biden Administration Proposes $8 Credit Card Late Fee Cap, Industry Warns of Higher Interest 

Do Not Opt for Debt Relief Companies

Avoiding debt relief companies is recommended due to their high fees and potential negative impact on credit scores. Instead, consider nonprofit credit counseling services for unbiased financial advice.

Choosing the appropriate consolidation method based on your financial circumstances can help manage and reduce credit card debt effectively, promoting a more secure financial future.

READ MORE: US States Divided Over Gun Store Sales Having Special Credit Card Tracking