Top tips for paying off your credit card debt

Did you get a little behind on your bills after the holidays? Are you spending more money paying credit card interest than paying down the original debt? Do you feel like you are sliding further and further into a pit of overwhelming debt? You are not alone.

Many people in South Florida struggle with credit card debt. While some can tighten the belt for a time and get back on solid financial footing, many cannot for any number of reasons, including:

• Loss of a job or reduced working hours
• Onset of a disability or illness that makes it difficult to earn a living
• Escalating college expenses for your kids
• Natural disaster that leaves you with home repairs that are not covered by insurance
• Divorce or another type of legal battle

Tips for paying off your credit cards

Whatever your situation, there are few things to avoid and to do as you pay off your credit cards:

• Do not use a home equity line of credit for this type of debt.
• Set up a personal budget that includes repayment, and stick to it.
• Do not pay off credit card debts with savings or retirement accounts.
• Check your credit report and your monthly bills to make sure that there are no errors.
• Do not fall for a debt repayment scam – and there are a lot of them.
• Pay off the highest interest rate cards first.

While these are generalizations regarding repayment of consumer debt, nothing replaces the advice of a skilled lawyer when you want to know your true options. It may be that filing for bankruptcy may be your best option.

The bankruptcy code was established to help people in unfortunate situations get fresh starts on their financial futures. Contact a bankruptcy lawyer to learn which alternatives are best for your circumstances.