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Follow these tips to help get out of debt this year

The year 2014 is already in full swing and for many people in Tampa that means its time for New Year’s resolutions, including for some, getting out of debt. Debt has a way of dragging a person down, which is why trying to change the way one manages his or her finances for the better is always a good idea.

According to a new report, consumer debt in America rose in the third quarter of last year to $11.28 trillion, which is a 1.1 percent increase. That was the largest household debt jump in the last five years. If a person finds him or herself in debt there are some things that he or she can do in order to get turned back in the right direction. The first step one should make is to decide on a plan to pay off his or her debt. Next, it’s always a good idea to pay off the debt with the highest interest rate first.

It’s also very wise to at least try to lower one’s interest rates, by transferring a balance. If a person wants to pay off his or her debt, then one needs to avoid adding to that debt by charging additional purchases. Lastly, if at all possible, always pay more than the minimum payment. This will help pay off the balance faster and it also means one will pay less interest.

Being in debt can control almost every aspect of one’s life. Once a person gets into deep debt, it can very difficult to get out of it. However, anyone in Tampa who finds him or herself needing help to get out of serious debt might want to meet with an experienced bankruptcy attorney right away.

Source: U.S. News & World Report, “7 easy steps to pay off debt,” Hithia Prabhakar, Jan. 16, 2014

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