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Fighting the Cycle of Debt

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The average credit card debt in an American household is around $16,000 according to The Survey of Consumer Finances. Unfortunately once a person defaults on several payments it becomes a hard habit to break. Many debtors find themselves repeatedly bankrupt.

Credit cards making falling into debt extremely easy. Swiping a card is quick and simple and many do not realize how much they are spending until it's too late. Also credit card balances build up quickly and only take a few months to accumulate.

For repeated debtors there are a few things to consider while trying to break the endless cycle of debt.

1. Being trusted with a credit card - If a person cannot control how much they spend, they are most likely better off without credit cards. Taking away the temptation all together may be the best solution to cutting back debt.

2. Fixed expenses too high - Credit card debt may only be the tip of the ice burg for some people's debt problem. You want to avoid purchasing a home or car that is too expensive.

3. Help from a good credit score - Having a good credit score can help assist people out of debt faster. Though there are many myths, they are not all true. Even with debt there are still ways to build a credit score.

4. Refinancing debt with a lower interest rate - Obtaining a lower interest rate is a timely process. However some lenders may allow debtors to cut their rate especially with balance transfers. Balance transfers that carry a zero interest rate for an introductory period is a great way to pay off a card.

5. Pay all bills on time- Nothing is better for your credit than paying on time. Make a payment no less than the minimum to avoid having a default interest rate of 29.99%. Credit reporting companies will start using factors other than credit cards to report a score.

6. Do not get to the point where you are out of credit because you were taking money from Peter to pay Paul. That is a cycle you want to avoid. Leave some room under the cards; it will help with your credit score. Pay off the card the highest interest rate first and go from there.

Understanding and building a plan can help relief and prevent debt. When people have more power with better education they have the ability to avoid debt and keep their finances happy and healthy.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Forbes | Investing & Debt

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