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Before you declare yourself bankrupt, you should take time to carefully consider all of your options as there may be better alternatives in your situation. You may be able to pay off your debt over time by bringing in additional income, or you can try working with creditors to reduce your overall obligation.
Many people who are in trouble with credit card companies try to use balance transfers in order to find relief. This is not necessarily a bad thing if you’re able to get a lower interest rate.
However, using tactics like balance transfers will not solve your root problems and can even backfire if you don’t gain control of your spending. What you need is an overall plan to help you gain control of your debt.