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Is 2014 the year you will finally get rid of credit card debt?

Less than two weeks until the New Year, many Waco residents are thinking about making resolutions. Come January 1st, many people will sign up for gym memberships, throw away their cigarettes, and cut up their credit cards. Getting fit, quitting smoking and becoming free of credit card debt are all popular New Year's resolutions - likely, because they pair well with a fresh start.

With some hard work and determination, many people can stick to these resolutions. If you have a goal of ridding yourself of credit card debt in 2014, take note of the following tips.

  1. In order to get rid of credit card debt, you'll need to stop accruing this debt. So, the first step is to commit to a charge-free lifestyle. Put away the plastic.
  2. Take an inventory of your credit card debt. This should include how much you owe, the interest rates and the minimum payments.
  3. Consider contacting your creditors to negotiate lower interest rates. Many creditors will be willing to do this.
  4. Make a reasonable and realistic payment plan for each card. Try to pay more than the minimum payment on each card, but focus most of your efforts on paying off one card first - such as the one with the highest interest rate. Your credit card statements should provide information about how to pay debts off in three years; this information can be used as a guide.

After going through these steps, some people might feel empowered while others may suspect it is not possible to pay off their credit card debt in 2014. That is okay - maybe you should implement a two- or three-year plan in 2014. However, those who are drowning in debt or experiencing creditor harassment may benefit from talking to a bankruptcy attorney about debt relief options. Chapter 7 bankruptcy, for example, offers a fresh financial start to many who need it.

Source: LowCards.com, "Reducing Credit Card Debt in 2014," Bill Hardekopf, Dec. 17, 2013

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