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Helpful ways to pay down credit card debt

On Behalf of | Sep 24, 2020 | Credit Card Debt

Most Florida residents have credit cards or debt in one form or another. In fact, a recent report from the Federal Reserve Bank found that nearly 55% of U.S. citizens who owned credit cards also had debt. In today’s economic climate, balancing and paying down credit card debt can be challenging to say the least. Here are a few ways to pay off credit card debt.

One way is to focus on paying down the credit cards with the highest interest rates first to reduce interest costs. The amount of interest charged depends on the account’s average daily balance so waiting to make a payment will equate to more interest charged. If possible, make payments early and make them often. Also, it is not necessary to wait until the due date to make a payment, payments can be made more than once per month.

Those who are having trouble making credit card payments may need to re-examine their budget or do a complete budget makeover. Go through all monthly expenses and try to eliminate any spending that isn’t absolutely necessary. Some examples may include switching mobile phone plans, cancelling cable television or eating at home instead of going to a restaurant.

It doesn’t take much for debt to snowball and become overwhelming. For those who feel as if they are drowning under a mountain of credit card debt and can see no way out, the best choice could be to file for bankruptcy. Chapter 7 bankruptcy in particular can discharge many types of debt. However, Florida residents may want to consider speaking with a legal representative before making big financial decisions. A knowledgeable and experienced attorney can provide a professional and thorough evaluation of an individual’s case.

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