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Taking an aggressive stance against credit card debt

For many Florida consumers, a single financial setback can lead to a spiralling debt scenario. The loss of a job or a serious illness can cause an immediate drop or cessation of income. Next comes the need to rely on credit cards to cover the basic costs of living. Before long a mountain of credit card debt accumulates, and consumers find that the need for debt relief is urgent.

There are a number of ways to attack credit card debt, and many consumers create their own debt relief strategy depending on their particular needs and goals. One commonly used tactic is known as laddering, and involves attacking the card with the highest interest rate first. By putting the majority of available resources toward paying down high-interest accounts, consumers can lower the overall interest that will be paid. In addition, many benefit from the psychological edge that comes with successfully knocking down one big credit card account.

Another strategy that can yield benefits over the long-term is to change the manner in which credit card bills are paid. Instead of making one monthly payment, divide the monthly payment amount in half and pay that amount every 14 days. At the end of a calendar year, this strategy will result in the payment of one extra month's balance.

For those in Florida who are looking for effective credit card debt relief, these tips may be of use. In certain cases, however, debt issues have grown to the point at which repayment is simply not a viable option. In such instances, the best course of action may be to pursue a personal bankruptcy filing. Doing so can lead to the elimination of many forms of consumer debt through the discharge process, and the chance to begin anew.

Source: The Atlanta Journal-Constitution, "Tips on paying off credit card debt", Clark Howard, May 14, 2014

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