Stuck with high-rate credit card debt? Make these 3 moves before July.

Compounding credit card debt needs to be addressed sooner than later, especially in today's high-rate climate. Getty Images

Being saddled with credit card debt is always damaging to your financial health. But in the economic landscape of recent years, it can be even more threatening than usual. With the average credit card interest rate just barely under a recent record high, and the average credit card debt load close to $8,000, approximately, making the minimum monthly payments as usual won't work right now. Minimum payments, after all, could take years to erase what you owe, all on the assumption that you don't add any additional debt in the interim.

Against this backdrop, then, and against the reality that the interest rate climate is unlikely to cool enough to help credit card users in any material way, there are some smart moves worth making right now. Making these moves in a smart but expedient way could be the difference between having your debt compounded even further or regaining your financial independence. So, consider making the three moves below right now, before July 1.

See which debt relief technique makes the most sense for your credit card debt here.

3 credit card debt relief moves to make before July

Want to reduce your credit card debt permanently? Consider making these three moves now, in the final days of June:

Check your current credit card interest rates

The average credit card interest rate is 21.37% right now, equating to $21.37 in interest for every $100 borrowed. And that's just the average rate, meaning that you may be paying even more, depending on your credit card company and your credit profile. So start by checking what your current credit card interest rates actually are. And if they're around that rate (or higher), look for ways to immediately reduce them. 

This can begin with a simple phone call to the company to explore your options, but it can extend to items like balance transfer credit cards, which often come with much lower rates. Just don't become complacent with today's high rates. With compounding interest to contend with, even seemingly manageable debt balances can quickly become out of control. So, take action sooner rather than later.

Explore your debt relief options online today.

Calculate your repayment timeline

Can you pay off what you owe by making minimum payments, or slightly more than minimum payments, with a reasonable timeline? If you can do so without damaging your finances or severely reducing your budget, then consider doing so now by making a higher-than-usual June payment. If you can't, however, then it may be the prompt you need to explore other, more extensive alternatives. 

You won't know which group you fall in, however, without first calculating your repayment timeline. So start there, both tied to what you're currently paying off as well as what you may be able to do by making some financial adjustments. And, be realistic about your future credit card usage, as it won't help to calculate a timeline without the use of a credit card in totality, especially if you're already accustomed to its presence in your everyday budget.

Explore your credit card debt relief options

There is no uniform credit card debt relief option. And that's a positive, as there's likely an option that can be tailored to your circumstances. If you owe more than $5,000 and have a financial hardship causing you to remain behind on payments, you may qualify for credit card debt forgiveness. If you just need help building a payoff plan, however, credit counseling may be better. Or a debt management program may suffice. 

Debt consolidation loans, meanwhile, may not be considered a traditional credit card debt relief solution, but if it means paying down your debt with less interest, over a shorter period, without the damage to your credit score that some other solutions come with, it could be exactly what you need. But you won't know which is the most appropriate until you explore all of your credit card debt relief options in detail. Start that process now, so you're prepared to pursue the optimal one this July.

The bottom line

You may be stuck with expensive credit card debt right now but it doesn't mean you have to remain in that financial quagmire much longer. Start by checking your credit card interest rates this June, both for opportunities to cut them down and to better determine a more accurate repayment timeline. And be open to all potential credit card debt relief options, including those offered by professionals. By making these three timely moves now, credit card users can potentially stop their debt situation from worsening and, more importantly, start improving it as soon as July 1.

Matt Richardson

Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.