Living with credit card debt and ways to consolidate it

PALM BEACH COUNTY, Fla. — Living with debt can be a constant source of stress.

“It’s a daily thing. I mean, you wake up thinking about it and you go to bed thinking about it,” shared Denise Phillips, who is managing a debt of approximately $10,000 stemming from medical expenses for a close family member.

WATCH BELOW: 'I've helped 13 million people get out of debt,' Howard Dvorkin says

With her background as a retired mortgage professional, Phillips understands financial options and initially pursued zero-interest offers.

“They’re really not doing a lot of the balance transfers lately,” Phillips said. “Tried some of the bigger companies Capital One, etc.”

Eventually, Phillips explored debt consolidation and settlement firms but felt hesitant about the potential risks.

“They proposed a monthly payment of $270.93. When I asked about the process, they said, ‘We’ll sign you up, you send that amount to us each month, and we’ll put it in an escrow account.’ But then what? They responded, ‘We negotiate with your creditors.’”

Howard Dvorkin, founder of Debt.com based in South Florida, elaborates on the benefits of a settlement solution.

“Due to our size, we’re able to negotiate superior terms with credit card companies, allowing us to effectively resolve outstanding debts," he said. "Over my 32-year career, I've helped 13 million people achieve financial freedom.”

Another approach to managing credit card debt involves strategically targeting specific card balances, whether by amount or interest rate.

"Mathematically, it’s sound to focus on paying down the highest interest rates first," explains Ted Rossman from Bankrate. "However, many people find motivation in knocking out smaller balances first. For example, eliminating a $500 store card debt can boost your confidence to tackle larger debts of $1,000 or $2,000 next."

Tune in to WPTV today from 4 p.m. to 6:30 p.m. for our coverage of navigating credit card debt as we seek solutions for you.