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Ways to reduce credit card debt

Many families in Florida and around the country have managed with one income for a period of time, either by choice or necessity. However, there are times when both parents are in the workforce again. An issue then arises on how best to manage an increased income for the family. A personal website addresses financial situations such as saving more, spending less and paying off credit card debt.

When a family is fortunate to have some extra cash in the budget, a decision must be made on how best to utilize it. Many families have a lingering credit card balance that needs to be addressed. Paying off credit card debt will enable families to eliminate interest payments and allow them to save more. However, there are different approaches to paying off the debt.

Many individuals choose to transfer balances to a 0 percent introductory rate card. While this is an effective way to pay off balances with no interest, it is still not free. Many companies charge a fee to transfer balances, so it may not be a wise choice to continue a pattern of moving the debt around.

Experts suggest that card balances need to be paid before the high interest rate starts. Also, it is important to pay monthly payments on time. Another suggestion is to only keep a small number of cards. Once they are paid off and are not being used, it is best not to keep them. After balances are paid and more money is available to invest, it would be wise to save for college if the family has children.

Not everyone may have the luxury of extra money to invest. In fact, many may be struggling to make ends meet each month and face an overwhelming amount of credit card debt. When someone is struggling with finances, it may be helpful to seek the advice of a Florida bankruptcy attorney. An experienced lawyer can help clients evaluate their financial situations and make plans to get their finances back in order.

Source: finance.yahoo.com, "How to tackle overwhelming credit card debt [Video]", Melody Hahm, April 24, 2017

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