When you’re trying to figure out how to settle credit card debt, settling it with a debt settlement company may seem like the only way to solve your problem. However, there are actually several other ways you can do this without paying any debt settlement fees at all. If you’re looking to get out of debt without having to pay thousands of dollars in fees, consider the following 10 ways to settle credit card debt without settling with a debt settlement company.

1) Call your credit card company

First, I would call the credit card company and ask for their debt settlement program. This way, you can negotiate with them and work out a payment plan that is within your budget. If they don’t have such a program, then you should consider calling one of the many debt settlement companies that are available.

2) Create a budget

A budget is important for any household, but it is especially important for those with credit card debt. Having a budget means you know exactly how much money you have coming in and going out each month. If your expenses exceed your income, then you may need to make some changes in order to get back on track.
If your budget shows that you are spending more than you make on credit cards, try these 10 ways to settle credit card debt without the use of a debt settlement company

3) Get a lower interest rate

One of the best ways to settle credit card debt without using a debt settlement company is by getting your interest rate lowered. You can negotiate with the credit card company by having them lower your interest rate or they may even waive late fees if you’re willing to pay off the balance in full.

4) Set up automatic payments

One of the best ways to avoid racking up any more debt is by creating an automatic payment system for your credit card. This means that you will be automatically paying off your balance every month and can help you get out of debt sooner than you would have otherwise. Simply call your credit card company, let them know what amount you want to pay monthly, and they will set it up for you.

5) Stop using your credit cards

First and foremost, stop using your credit cards. This is the easiest way to get out of debt without the help of a debt settlement company. It may seem like an insurmountable task at first, but it will be much easier than you think once you get started. You’ll start by setting up two buckets for money: one for bills and one for spending. When it comes time to buy something, put that amount in the spending bucket instead of swiping your card.

6) Get help from a nonprofit credit counseling agency

NerdWallet recommends getting help from a nonprofit credit counseling agency. They can work with you to set up an affordable repayment plan that will lower the interest rate on your cards and then help you stick with it. This is the best way to settle credit card debt without using any of your own money.

7) Negotiate with your creditors

Negotiating with your creditors is always the best option. It can be as easy as calling them up, explaining your situation and asking for a reduced payment or lower interest rate. If you are considering bankruptcy, negotiating with creditors is one of the first things you should do because it could get rid of some of your debt before filing Chapter 7 bankruptcy or Chapter 13 bankruptcy.

8) Consider debt consolidation

Consolidate your debt by transferring balances from high-interest credit cards onto one low-interest or even zero interest card. The lower rate will save you money in the long run and prevent your debt from growing even further.

9) Take out a personal loan

One option is to take out a personal loan. This will allow you to borrow money from the bank and pay it back over time with interest. The bank will typically charge you less for the interest than the credit card company would, and also make sure that you’re responsible with your money. Make sure that you can afford this option before taking out any loans.

10) Use your home equity

Call your credit card company and see if they will work with you on an interest rate reduction. This option is usually reserved for those who are current on their payments, but it never hurts to ask. If you have equity in your home, use it as collateral to get a lower interest rate with the credit card company. This is one of the most effective ways because you’re not adding any more debt onto your credit card balance, but just refinancing at better terms.