As the recession subsides, many find themselves still struggling with debt. Credit card debt in particular can be difficult for the average Florida resident to get a handle on. There are a few helpful tips that can help anyone struggling with credit card debt find ways to get ahead and break free from that debt and possibly get the fresh start they need.
It is estimated that the average household is carrying around $6,700 in credit card debt. One recommendation is to set a budget and find out exactly where all the money is going. Once someone is more aware of where each dollar is spent, there will ultimately be ways to cut expenses. This will allow someone to devote more money toward paying down debt.
It is recommended that each household has three months of pay saved up. Once this is accomplished, the amount of money paid toward credit card debt can make a significant impact. Paying off credit cards that have the highest interest rate first is typically the wisest way to invest any money someone is able to devote solely to paying off credit cards. As credit card debt is paid down, credit ratings will improve, and this alone will help anyone regain their financial footing.
These tips may help people feel more in control of their finances. However, some Florida residents may still need help gaining control of credit card debt and other forms of debt. It may be wise to investigate the facts about bankruptcy options that could help a family keep certain assets and discharge burdensome credit card debt altogether.
Source: foxbusiness.com, 5 Tips for Becoming Debt Free in 2014, Odysseas Papadimitriou, Feb. 3, 2014