Tips for Managing Your Credit Card Debt

by DeLadurantey Law Office, LLC on August 13, 2014

Credit-cardOverwhelming credit card debt is one of the primary reasons people seek debt relief by filing bankruptcy. When you are faced with divorce, loss of employment or costly medical bills, you are likely to use your credit cards in order to make ends meet. However, it is easy for your credit card debt to accumulate quickly and soon be beyond your control. Below are a few tips for managing your credit card debt:

  • Monthly payoffs. The best way to keep your credit card debt in check is to only charge an amount you are able to pay in full each month. If you are not paying off your credit cards monthly, it is time to review your budget and cut expenses. Even if you cannot pay the full amount, pay as much as you can. Individuals who simply pay the monthly minimum payment are still allowing their debt to snowball.
  • Cut costs. When you are facing a financial crisis, you should immediately eliminate all unnecessary expenses before turning to your credit cards.
  • Investigate rates. Don’t allow yourself to get sucked into introductory offers that end quickly and then sky-high interest rates are applied. You should also fully understand the late fees and penalties that will be applied if you miss a payment. Also, do not accept the “extras” such as payment protection plans, travel clubs, credit report monitoring, and other similar offers.
  • Credit limit increases. Do not take advantage of your credit increases unless you are forced to or you are sure you can afford the higher payment. Avoid maxing out your credit cards because it will not only increase the amount of interest you will be paying, but it may also damage your credit score.

If your credit card debt is spiraling out of control, contact us to learn how filing a personal bankruptcy can benefit you and eliminate your debt.

Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC.   DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.

 

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