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Helpful tip to better manage credit card debt

On Behalf of | Jun 8, 2017 | Credit Card Debt, Firm News

Many consumers in Florida and around the nation use credit cards every day for various financial transactions. Analysts from a financial planning website acknowledge that the use of credit cards is not a bad thing. However, credit card debt is a growing problem in the country. Experts offer advice on how to reach financial goals more quickly and how credit card usage may affect those goals.

It is generally believed that consumers should strive to pay credit card balances in full every month. If using a rewards card, purchasers could still earn the reward. However, by paying the balance, the person is not getting into debt or incurring any interest charges. It is also likely that someone is staying within budget and not overspending. Any funds not spent on interest can be put toward retirement investments.

If someone is faced with balances and high interest rates, a balance transfer may be a good option. Using a promotional zero percent APR offer is a wise method to reduce balances. However, carrying large balances not only affects a current financial situation, but also investment potential for the future.

One suggestion offered may help some consumers simplify their budgeting process. For those who have several credit cards, experts recommend aligning the payment due dates. Rather than having multiple payments due all over the month, it is easier to monitor finances if they all have the same due date. This can be accomplished by contacting the credit card companies and requesting a specific due date.

Credit card debt may be overwhelming for many Florida residents. A knowledgeable bankruptcy attorney can help those who are struggling to regain control of their finances. An experienced financial lawyer will work with clients to understand their options and develop a strategy to get back on track.

Source:, “1 Credit Card Tip That May Change How You Think About Credit Cards“, Nathan Hamilton, June 5 , 2017

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