Getting into credit card debt is not difficult to do, but it can be very difficult to get out of. Any Florida homeowner may already know credit card debt can have a ripple effect on their lives and their financial future. For those dealing with mounting credit card debt, there are tips to help break free and get control of the debt before it adversely affects other areas of life.

One major tip is to try to keep paying the minimum payment at least while coming up with a long-term plan. If minimum payments are not made, late fees and other penalties can continue to build and can actually impact credit scores. As far as interest rates are concerned, many credit card companies will work with customers to reduce rates as a means of helping those who are in trouble.

Depending on the borrower’s personality or long-term goals, there are two schools of thought as to how best to tackle a variety of credit card debt. One tip is for borrowers to pay off the smallest accounts first in order to reduce the number of credit cards anyone owes money on. Another tip is for borrows to pay the cards with the highest interest rates. That method could help borrowers save more money over the long haul.

There are many factors that play into how credit is affected and the long-term consequences of carrying too much credit card debt. If a borrower in Florida can get a handle on their credit card debt through one of the above tips, it may help them resolve issues before they impact credit scores or lead to bankruptcy. However, if someone feels they can’t accomplish this on their own, there are options for debt relief and solutions such as bankruptcy that can help.

Source: Dallas Morning News, Mind over math: How best to erase debt?, No author, Nov. 22, 2013