Experts recommend reasonable approach to credit card debt

With millions still struggling with large outstanding balances, consumers who are trying to reduce their credit card debt should do so responsibly by exploring all their available options.

Many consumers are now attempting to get out from under their large credit card balances, and experts generally recommend that they do so as responsibly as possible by first reviewing all aspects of their finances to ensure that they are making wise decisions which they can afford, according to a report from USA Today. For one thing, it may be helpful to first try to get a lower credit card rate, either by calling their lender and negotiating for one, or by obtaining a new balance transfer accounts that come with 0 percent APRs for the first several months the account is open.

Those who cannot afford to make larger payments to their accounts may also want to consider earning additional income or scaling back their contributions to retirement savings until the balance is paid off in full, the report said.

Borrowers who are in especially tough situations may want to consider the various debt relief options available to them.