Different ways to zap your debt: Which is for you?

If your other types of debt are manageable, but your credit cards feel out of hand, you need to assess your situation first.

Figure out your starting point

• Make a list of all your credit card balances.

• Compare that debt to your income.

• Determine what you can pay monthly.

When to try DIY

If your credit card debt is under 15 percent of your income and you can pay more than the minimums, here are two approaches:

• Avalanche: Arrange debts by interest rate and pay off in order from highest to lowest.

• Snowball: Arrange debts by balance and pay them off from smallest to largest.

When to consider debt relief

Pick from three common options:

• Consolidation. Debts are rolled into one at a lower interest rate, often by getting a personal loan or using a balance transfer credit card.

• Management plan. You work with a nonprofit credit counseling agency to set up a structured repayment plan.

• Settlement. Typically, a debt settlement company diverts your payments to an escrow account.

When bankruptcy may be best

A credit card debt of over 50 percent of your income can be impossible to pay back, even with extreme budget cuts. — Nerdwallet