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Having a plan for credit card debt

The ease of pulling out a credit card and paying with it instead of cash has caused thousands of people living in South Carolina and elsewhere to get themselves tangled up in the mire of credit card debt. Paying with credit is convenient but can quickly lead to debt issues that have the possibility to spiral out of control. Knowing when to get serious about paying down credit card debt and how to begin the process is one of the first steps in reclaiming financial security.

One of the most important steps in freeing yourself from debt is to stop using charge cards. By adding to the credit card balance, it only deepens the debt hole already dug. Creating a budget and making a strong commitment to stick to it can only help with beginning to pay down debt. Also, making minimum payments on the cards, even if they're never used again, is not the best plan. While making payments is a positive first step, only paying the minimum does not make a dent in the actual balance and only serves to defer the financial reckoning to another day.

Deciding which cards to pay down first is important. Making a list of the cards, balances and interest rates will allow you to see a concrete number for each credit card account to help identify which one is causing the biggest headache. Paying off the cards with the highest interest rate first should be a priority.

Also, keeping money aside for emergencies is a crucial consideration. Although getting rid of credit card debt is key, so is having a cushion during the month to allow for any inevitable emergencies such as a car repair or other unexpected costs that may arise. South Carolina residents experiencing credit card debt may find that while paying off their debt may not be easy, it is worth it in the long run to reclaim previously lost financial security.

Of course, some individuals and families have suffered from seeing their expenditures soar out of control with no end in sight. For those who do not know what can be done to resolve the ongoing headaches, it may make sense to consider filing for bankruptcy protection. Consumers can often choose between a Chapter 7 liquidation and a Chapter 13 reorganization to finally conquer credit card debt and other obligations.

Source: ABC Action News, "How to pay down your credit card debt," April 23, 2012

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
Columbia Law Office Map

Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
Florence Law Office Map

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