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Understand credit card debt

Many credit card holders in Florida and around the country have difficulty in managing their credit budgets. Their level of credit card debt has continued to rise, according to a report from a financial website. Consumers often take advantage of perks offered by the card companies, such as large sign-up bonuses. The card issuers have shared their thoughts on recent credit card trends.

While fees generate a large amount of income for credit card companies, the majority of their revenue comes from interest. However, the companies often tack on numerous fees for balance transfer, late payments, cash advances and foreign transactions. Experts also noted that over half of this country's consumers don't know their credit score.

Advisers recommend not using a credit card for cash advances. Limits for advances are often lower than the total credit limit. A transaction fee is typically assessed as well. In some cases, a cardholder may be able to take advantage of a temporary interest-free loan. Also, credit scores could be improved if someone applies for a card's sign-up bonus.

Experts strongly suggest paying more than the minimum payment due each month. When a consumer makes only partial payments, a late payment fee may be assessed. Also, some card issuers allow cardholders to waive one late payment fee each year.

Credit card debt may seem insurmountable for many Florida residents. Seeking the advice of an experienced bankruptcy attorney is the first step on the path to regaining control of one's finances. A lawyer can help clients evaluate their financial situation and determine the best course of action to reduce or eliminate debt.

Source: fool.com, "11 Credit Card Insights That Might Surprise You -- The Motley Fool", Nathan Hamilton, March. 25, 2017

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