In Kentucky and other states, credit cards with high interest rates can lead to expensive bills. Thankfully, there are ways to make paying them off easier. For example, a debtor may take out a personal loan, use an equity line or transfer the balance to another card. A lower interest rate on the new method of debt payment saves money. If someone owns their home, they could borrow money against its equity at a lower interest rate than their high-interest credit card.

Borrowing from a 401(k) account is a way to avoid obtaining a personal loan that requires excellent credit. The person has up to five years to pay their account back, and a 401(k) has lower interest rates than most credit cards. However, tax penalties will be incurred if the loan isn't paid off on time.

Another method of saving money on interest is to transfer the balance on a high-interest credit card to one with a lower interest rate. For promotional reasons, some credit cards offer a limited-time 0-percent interest rate on balance transfers. Card holders should note that many cards charge a balance transfer fee between 3 and 5 percent. Other cards do not charge a balance transfer fee at all.

Those who are considering declaring chapter 7 or chapter 13 bankruptcy due to credit card debt may wish to consult with a lawyer before going through the process. An attorney could draw up the documents necessary to begin the bankruptcy. Depending on what type of bankruptcy is filed, all or some debts may be forgiven. This process could help a person shed the burden of debt.