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Start the new year by tackling credit card debt

Many Florida residents and others around the country often make New Year's Resolutions at the beginning of each year. These resolutions frequently involve financial goals. While some focus on saving more for their retirement or establishing an emergency fund, experts recommend one activity that can potentially have the greatest impact on a person's finances. Tackling credit card debt and having the cards work favorably is a valuable place to start in the new year or anytime.

Credit cards in and of themselves are not inherently bad. In fact, it can be convenient to make purchases with a single card and make one payment each month for them. Reward programs frequently make using the cards advantageous as the benefits accumulate. However, many consumers do not pay the full balances each month.

When cardholders pay only the minimum monthly amount, the balances continue to grow. Then, high interest charges on the remaining balances are added to the mix. A cycle starts that is very difficult for consumers to end.

Financial experts suggest taking a look at how to make money on credit cards rather than continuing to pay high amounts. Many of the companies that issue credit cards have performed very well in the stock market. It would be beneficial to focus on a plan to reduce or eliminate credit card balances, then invest any available funds into credit card businesses.

Attaining financial security should be a goal, whether someone starts at the beginning of a new year or another time. A Florida bankruptcy attorney can help those interested in developing a strategy to take control of credit card debt. A knowledgeable lawyer will work with clients to help them get their finances back on track.

Source: fool.com, "The Best 2018 New Year's Resolution You Can Make", Dan Caplinger, Jan. 2, 2018

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