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Ways to reduce credit card debt

Many Florida residents and those elsewhere around the country take time to assess their finances at the beginning of a new year. Consumers may have overspent during the holidays and are now taking stock of their situations. According to a personal finance website, many people in the nation are dealing with the burden of credit card debt.

Recent statistics show that roughly 125 million people carry balances on their credit cards. In fact, the total debt exceeds $525 billion. Financial advisors fear that many consumers facing the high cost of carrying unpaid balances on their cards as well as racking up heavy interest. Whether the balances have come as a result of an emergency or overspending, experts recommend developing a strategy to reduce credit card debt a quickly as possible.

One suggestion offered by advisors is to evaluate all expenditures. There may be some payments that can be delayed or reduced while working to eliminate credit card debt. It is also possible that there are automatic payments being made for services that are no longer used. It is also a good idea to thoroughly look at existing credit cards to determine if changes can be made. Interest rates could be reduced or late payments may be waived if a request is made to a credit card company.

Financial experts suggest to tackle the credit card with the highest balance first. Once that balance is paid, any extra available funds can be applied to the other card balances. A budget is a valuable tool for those working to reduce their debt. Establishing an emergency fund and understanding expenses can prove to be helpful. Others find it encouraging to look beyond the current situation and establish goals for the future.

Reducing or eliminating credit card debt is a goal for many Florida residents. A knowledgeable bankruptcy attorney can help those seeking debt relief achieve this goal. An experience lawyer can help clients develop a plan that can help tackle their current debt as well as work on getting their finances back on track for the future.

Source: Forbes, "6 Easy Tips For Paying Down Your Credit Card Debt", Richard Gano, Jan. 22, 2018

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