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Tips for South Carolina residents to reduce credit card debt

The beginning of a new year is a good time to revisit the financial decisions of the past year and take stock of finances for the coming year. South Carolina residents, like many Americans, tend to rack up credit card debt over the holidays, sometimes to the point of being dangerously high. Thankfully, there are a variety of ways that debt can be mitigated, through fiscal planning, saving, and even filing for bankruptcy.

Knowing how much is owed on each credit card is a good place to start planning debt reduction. A debt summary will help a debtor determine which card to pay down first, as the card with the highest interest is usually the best to pay down immediately. Obviously, paying more than a minimum payment can help bring the numbers down more quickly.

Not everyone knows it, but it is often worthwhile to call creditors to determine whether a lower interest rate can be negotiated. Additionally, a balance transfer to a card with a lower rate can be helpful, as often such transfers come with a set window of interest-free time. Finally, paying bills on time is critical in rebuilding a credit score - if it appears a bill will go unpaid within the allowable time, it is important to contact creditors immediately.

Credit card debt is well-known to be some of the most difficult to pay down due to high interest rates and occasionally poor spending habits or emergency needs. South Carolina residents facing considerable debt have options to get out from under this financial burden. Filing for personal bankruptcy can sometimes be the best route, as debt can be forgiven or restructured to suit individual needs.

Source: thestreet.com, 10 Tips for Reducing Credit Card Debt in 2014, Bill Hardekopf, Dec. 30, 2013

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