Debra Booher & Associates Co., LPA
Click here to get your free Legal evaluation
Call Us Today Toll Free 888-542-1300

Why eliminating credit card debt should be a priority

Many Ohio residents make promises to themselves at the beginning of a new year to improve their lives in some way. For example, some may choose to pay off bills. Reports indicate that the average U.S. debt-carrying household is responsible for at least $16,000 in credit card debt. Such debts can rapidly accumulate when one continues to make credit card purchases and only pays the minimal amount of monthly dues.

Debtors are encouraged to eliminate the entire balance of credit card debt preferably every 30 days in order to avoid paying soaring interest rates that are attached to lingering debt. The Federal Reserve increased interest rates in December 2016. As a result, credit card debtors may have to pay more than the average amounts of interest which have bordered close to $1,300.

Despite the interest rate hike, there are several ways credit card debtors can get extra cash to gain control of their financial situations. The first idea is to hold a sale for household and other personal items that are not being utilized. Opting for a cheaper vehicle may also help debtors lower car payments and get extra money to put toward paying credit card debt. When extra income, such as a raise or bonus, is acquired, advisers recommend using the amount to eliminate debt. People with relatively good credit can also swap a high-interest credit card with a balance for a card with a better rate. Asking for help from a credit card counselor can also help credit card holders find solutions.

Bankruptcy is another alternative that may be available. When this route is contemplated, an attorney can describe the differences between the two principal forms that are available to consumers and point out the eligibility requirements for each of them.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Toll Free: 888-542-1300
Phone: 330-253-1555
Fax: 330-253-1599
Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Toll Free: 888-542-1300
Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Phone: 216-447-0207
Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Toll Free: 888-542-1300
Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Phone: 330-492-9600
Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Phone: 330-297-5200
Map & Directions