Credit cards can get many of us into trouble and sometimes they can get so out of control that many Americans today go bankrupt.

A recent CNN article profiles Dawn Warfield, another American who found herself in debt way over heard. In fact she was $80,000 in debt with 17 different credit cards.

Warfield owned her own business and had recently opened a second location. At the same time, she was in the middle of a long expensive divorce.

The interest rates on her cards rose to high percentages. Warfield attempted to transfer balances from one card to the next in an attempt to lower her interest rates and lower her monthly payments. The plan backfired and the interest rates rose on the cards with the new balances.

In the end, Warfield went through debt management and counseling to organize her payments into one monthly bill. Over the long run, this saved her money, allowed her to stay on top of her payments and she did not need to file Chapter 7 bankruptcy.

There are ways to work with the credit card companies to help you if you are in serious debt according. However, each action could affect you in unintended ways. So before you act, make sure you know the outcome.

Speaking with the credit card companies

Action: Contact your lenders and explain your personal situation. Whether you got laid off from your job or you have medical bills. They may be more willing to work with you if they know and understand your situation. Ask if they can lower your rates and monthly fees or if they can work out a payment plan. Some companies might be willing to negotiate.

Beware of: Companies may not choose to work with you. And if they know you’ve lost a job and are more likely to default on your payments, they may become more aggressive in pursuing you. They may also file you as a credit risk and increase your rates.

What you can do: Document all your conversations and be persistent to find the right person to speak with who can help you with your situation.

Debt forgiveness

Action: Debt forgiveness. If you are delinquent more than 90 days some companies may forgive your debt. Speak with your credit card lender about this option.

Beware of: Keep in mind that you may have to pay taxes on forgiven debt, so this may just move you from debt hole to another.

What you can do: If your credit card company offers debt forgiveness this could provide you with real relief. But before you accept it, make sure you know the tax ramifications and be sure to have the cash available to pay these extra taxes. Also, after your debt is forgiven, take steps to avoid falling into the same bad spending habits.

Closing credit card accounts

Action: Closing your account.

Beware: Straight up closing your account could result in your credit score being hit. Also, if you still owe money on a card when you close it, your interest rate may still be subject to change.

What you can do: Instead of closing an account, keep it open and simply hide your credit card instead. This may help you avoid adding new debt while you pay off the old and keep your credit score safe. Also, you may prioritize your payments. Pay your major bills first or ones with the higher interest rate and then start to think about paying off your small bills. Don’t make purchases with cards with high interest rates. All of these steps combined can have the same effect or better than simply closing a card and with fewer risks.