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Suggestions to help Florida residents pay down credit card debt

With the holidays officially over, now is the time that many Florida residents are starting to receive their credit card bills for all of the shopping that they did months prior. Some are now wondering: How do I pay down all of this credit card debt?

According to, consumer driven credit card debt was down 11 percent for 2011. However, even though that is good news in terms of attitudes toward using plastic, a counseling director said there was still an increase in credit card usage around the holidays.

Fortunately, if you are someone who is now in debt, there are options available to help.

The first thing is to write down how much you owe for all of your debts. By writing it down, you can get a big picture of exactly how much you owe to each individual creditor. This also helps to remember to pay all of the bills, and then avoid late charges and penalty fees.

Once you have all of this information compiled, there is either one of two things that you can do to make a dent in paying back what is owed: You can either make the commitment to pay off the card with the lowest balance first, or you can start to pay down the card with the highest interest rate first.

Some experts say that by paying down the card with the lowest balance first; you will gain momentum to keep paying down bill after bill. However, paying down the card with the highest interest rate is also smart as you will not have to pay as much in financing charges.

Whichever method you choose, just make sure to keep making the minimum monthly payments on all of your debts.

Lastly, if you are someone with credit card debt, but you cannot pay back what you borrowed, now would be a good time to talk with an attorney to see what other debt relief options are available.

Source: Austin-American Statesman, “Make a plan to get rid of holiday debt,” Dale Roe, Feb 4, 2012

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