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Get credit card debt under control

On Behalf of | Jun 24, 2017 | Credit Card Debt, Firm News

Many consumers in Florida and around the nation utilize credit cards as part of maintaining their budgets. However, the average family in the county now owes more than $8,000 in credit card debt. The total of this debt for the nation has now increased to over $1 trillion. Experts strongly recommend that individuals reduce the amount of credit card balances. Advisers from a national financial television network offered suggestions on how to eliminate credit card debt.

A key strategy is to focus on paying more than the minimum payment due each month. Interest rates on credit card balances are typically high and can end up costing someone a great deal of money. One way to avoid these high rates is to set up an automatic method to pay the balance in full each month. Another pitfall for some people is trying to maintain the same lifestyle as others. Experts say it’s best to stop comparing to others on social media and to resist basing purchases on what others have.

It is important to take an honest look at one’s financial situation. Many want to ignore the situation and not talk about the amount of debt owed. Taking responsibility for the debt is critical in making positive changes. Financial advisers remind to consumers that one fast way to save some money each day is to stop eating out at restaurants when possible. Cooking at home and packing lunches can save a considerable amount of money.

While saving toward retirement is extremely important, if someone has high credit card balances, it may make more sense to divert those funds toward reducing debt. Another strategy may be to stick to a cash-only lifestyle. Not using credit cards can give a person a better perspective on exactly how much money is being spent.

Credit card debt can become burdensome for many Florida residents. When someone is overwhelmed by a financial situation, it would be beneficial to contact an experienced bankruptcy lawyer. A knowledgeable attorney can help a person understand available options and develop a plan to help regain financial control.

Source: CNBC, “Things to give up if you want to get out of credit card debt“, Kathleen Elkins, June 9, 2017

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