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Focus on paying off credit card debt

On Behalf of | Aug 10, 2017 | Credit Card Debt, Firm News

Many Florida residents and others around the country frequently use credit cards as part of their family’s financial plan. When used appropriately, they can be useful tools. However, carrying balances on the cards can lead to serious situations. When credit card debt grows, consumers may be caught in a never-ending cycle of mounting debt and interest payments. To break the cycle, financial experts offer several recommendations.

Analysts suggest keeping records of all income and expenses. It is imperative for people to live within their means in order to reduce the amount of credit card debt. After understanding where all one’s money comes from and where it’s going, a budget can be established. It is helpful to determine ways expenses can be eliminated or reduced. Also, there may be ways to increase income, such as selling items or finding a second job.

Another recommended strategy is to determine how one should pay off credit card debt and stick to a plan. One method involves paying off the smallest debt first while another works on paying the debt with the highest interest rate first. It is also helpful to monitor progress each month to ensure that the level of credit card debt is decreasing. Debt consolidation may be a valid option if someone has multiple credit cards that have high interest rates.

Credit card debt can seem overwhelming for many consumers. A Florida bankruptcy attorney can help determine a strategy to reduce that debt and get back on track financially. An experienced lawyer will tailor plans specifically to meet the needs of the clients.

Source: The Huffington Post, “How To Pay Off Credit Card Debt”, Aug. 7, 2017

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