Sometimes Florida residents do not require bankruptcy proceedings to get out from under a debt avalanche. All they need is a little bit of planning and strategy. One strategy that many people have used to successfully get out from under a credit card debt problem is known as the “snowball method.”

The beginning step in this process is a full analysis of all the credit card debt you currently have. Note how much is owed on the credit card, whether the card has gone over its limit and how much the minimum monthly payment is for that card. Next, organize your payoff strategy and create a monthly budget for yourself to determine how much spare money you have left after paying the minimum balance on all your cards.

You will then start paying the minimum balance on all of your cards except one, which you’ll target with all the extra cash you can muster. First, though, you will want to make sure that you do not have any cards that are above their limit. You’ll want to pay those cards down to below their limit first because this will ensure that you are not being hit with over-the-limit fees and penalties for those cards.

When the cards are all under their limit, you’ll choose the targeted card on which to focus payments. Select the card that has the highest interest rate to pay off first. Direct as much free cash as you can toward paying off that card. Then, when that card is paid off, you’ll have even more free cash to focus on the next highest interest rate card. Repeat this process, and as you pay off more cards, the amount of free cash you have will snowball and you will be paying off your cards faster and faster with each one.

While this strategy will work for many Florida residents, sometimes debt is just so far out of control that there is nothing you can do to pay it off. This is where the bankruptcy process can be invaluable in its ability to resolve toxic debt that you are unable to otherwise manage.