Despite the economic recovery, many people still struggle with credit card debt. In fact, it is estimated that the average amount of credit card debt for a household in the United States is $6,700. However, there are tips for people who live in Florida who may be seeking ways to pay off credit card bills and get back on stable financial footing.
One method for controlling those credit card bills is through a balance transfer. This is cited as an underused method of consolidating credit card debt. A balance transfer can be a means of putting all credit card debt on one card.
There are many benefits to a balance transfer as a means of handling credit card debt. One is that many credit card companies will offer a period of interest-free payments. Many cards may even offer a lower interest payment, meaning that the amount of money overall that it takes to pay off a balance is lower in the end. Having all balances on one card means one payment that actually puts a dent in the balance of the total debt.
Credit card bills can be intimidating to deal with and also confusing when there are multiple cards with multiple interest rates. Too much credit card debt can lead to more financial troubles and debt that becomes impossible to control. With advice from professionals and information about bankruptcy options and ways to chip away at credit card bills, people in Florida may find it easier to manage debt and feel in control of their financial lives again.
Source: thestreet.com, “3 Times a Balance Transfer Credit Card Makes Sense“, Brian O’Connell, July 7, 2014