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Credit Card Debt

You try not to think about it and maybe it will go away, but the reality is the longer you ignore it, the worse it gets. Credit card debt is a major problem in modern society, and is usually overlooked in this fashion.

The average individual carries $7,000 in credit card debt; however, many people owe much more and are still using their credit cards. It's very easy to become burdened and somewhat of a slave--working to pay off credit cards. Many people feel that they are ahead of the game if they pay the minimum payment due for their credit cards, but this is the worst scenario. The more you charge and pay only the minimum payment, the further in debt you become, and you will never be able to pay off the entire debt.

Credit Card Debt Relief Options

In 2002, 1.3 million American families filed for bankruptcy because of credit card debt. Although bankruptcy is an option, it should be the last item on your list when considering credit card debt and options to eliminate it. There are numerous options available to debtors to assist them in achieve a debt free lifestyle. Some are higher risk than others, and some offer a faster way out of debt, but all should be taken seriously, and should be researched just the same.

To control your credit card debt, first you need to distinguish your wants from your needs. Figuring out what is priority in your life is the first step to understanding credit card debt. Once you've established your priorities, you can move on to understanding your available options.

Having issues with debt? Contact us here for a free debt consultation. We may be able to provide debt help.

These options include techniques as simple as paying in cash, not plastic. By purchasing goods with cash, you can eliminate a lot of unnecessary spending, on items that you want, but may not need. A second option would apply if you have more than one card balance. Transferring balances to the card with the lowest Annual Percentage Rate (APR), or get a new card with a low APR. This option will only work well if you discard the credit cards, and keep only the one with the low rate balance, to resist the option of spending more. A third option would be a consolidation loan, where all credit card balances are paid off by a loan with a lower interest rate, requiring only one payment to be made, and saving a lot on interest payments. Finally, bankruptcy, which should only be used as a last resort, due to the extreme credit damage it inflicts.

Debt Recognition
Keeping track of daily spending for one week will really open your eyes. Write down, every day, every dime you spend. This includes coffee, snacks and parking meters. The smallest things can add up. Do this for a solid month. You will start to see some patterns in your spending even before the month is over, but finish out the month. This process starts to get very confronting. Some people don't want to look at the fact that they spend lots of unnecessary money. This is what causes people to continue to slip into debt. You really have to want to get out of your current situation and fix it for the better, permanently.

Getting a credit card, for some, is the beginning of something great, seemingly unlimited spending without actually spending a dime. But the reality is credit cards can cause huge financial setbacks if not managed properly. Don't apply for every card offered to you. Be picky, and only carry cards with low APR rates. Consider cards that require the balance to be paid off at the end of every month, and keep a low credit limit, to not let spending get away from you. All these options and smart spending will keep your credit cards, and credit healthy.

Having issues with debt? Contact us here for a free debt consultation. We may be able to provide debt help.


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