Many people struggle with various kinds of debt, and it can have a ripple effect on every aspect of life. For many in Florida, credit card debt can be particularly debilitating and lead to further financial difficulties. There are a number of tips for people who are trying to get a handle on their credit card debt and other debts too.

Like any kind of consolidation for loans, credit card debt consolidation is a popular option for those who have varying balances on a number of cards. However, there are stipulations to be aware of. One warning pertains to fees. Some credit cards may charge a fee of anywhere from 3 to 5 percent of the balance being transferred.

For those transferring balances in hopes of saving money with a new low-interest rate, find out if the new lower rate is permanent or temporary. Adding up the total amount to be paid in the end can be a way to judge whether a transfer is worth it. Other options may include credit counseling or bankruptcy protection as a way to discharge debts. The Bankruptcy Code offers two primary choices for individuals — a Chapter 7 liquidation of debts or a Chapter 13 debt reorganization.

Each person’s situation and financial outlook may be vastly different. Knowing all of the options and what a total payoff amount may be with some of those options can be way to decide between those alternatives. Bankruptcy can be a way to discharge credit card debt in Florida and help those who are dealing with financial problems get the fresh start they need and deserve.

Source: durangoherald.com, Is transferring credit card debt right for you?, Alex Veiga, March 7, 2014