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Tips to reduce credit card debt

Many Florida residents and others across the nation have concerns about theirs finances. A personal finance columnist routinely addresses questions from consumers regarding all aspects of money issues. For example, a recent topic addressed whether it was more beneficial to maintain an emergency fund in a savings account or to pay off credit card debt.

The columnist recognizes the widespread use of credit cards in the country. Some consumers may use cards for specific purchases, while others overspend unintentionally. She warns that credit card debt can mount quickly if the problem is not addressed.

Experts suggest stopping the use of credit cards immediately. It is also important to create a budget and stick to it. By reviewing spending patterns and trimming expenses where necessary, the level of credit card debt can start heading in the right direction.

When someone has credit card debt, it is necessary to determine the best way to pay off the debt. The credit card company might work with a consumer to reduce the interest rate or develop a specific repayment plan. With multiple cards, it is helpful to review interest rates and determine which ones are better to pay off or to maintain balances. Finally, making payments on time is critical, no matter what the repayment plan may be.

If the amount of credit card debt seems unmanageable, it would be advisable to seek the guidance of a reputable Florida bankruptcy attorney. A knowledgeable lawyer can thoroughly discuss each situation and develop a plan to get a client back on the right track financially. If bankruptcy is determined to be the best course of action, an experienced attorney will assist clients through every step of the filing process.

Source: money.cnn.com, "Should I use my savings to pay off my credit card debt?", Shannon Gupta, April 7, 2017

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