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Little tricks may help you reduce large credit card debt

For some people, credit cards are an essential part of life simply because without them, it would be impossible to meet monthly financial obligations. And one financial advisor states that economic conditions are compelling people to use credit cards and that this has now become an issue. In fact, the Wall Street Journal has reported that households now carry, on average, a balance of over $15,000. So, if you have seen your level of debt balloon over the last few months or years, you can take cold comfort in knowing that you are far from alone.

If you have been searching for ways to get your debt under control, the aforementioned financial advisor says there are a few simple things you can do. For example, you can consolidate all of your debts with high interest rates into one card account that offers low interest rates. You may also want to make multiple payments on the card throughout the month.

Another little trick you could try is giving yourself a spending limit and arrange to have your credit card company send you texts as that limit approaches. And if you shop online, delete all of your credit card information from the sites you use. By doing this, you will have to fill out your info every time you make a purchase, which could give you time to rethink your decision. You will likely realize you don't need whatever it is you're about to buy.

But if your debt grows to enormous proportions, then all the text warnings and other tricks will not be enough to rid you of your financial burdens. And credit card debt can cause you tremendous stress and keep you from ever moving forward and enjoying your life.

If this is your circumstance, you may wish to contact an attorney who is well-versed in bankruptcy law and debt relief. The attorney could help you develop a realistic financial plan aimed at getting your debt under control in a matter of months.

Source: Fox 25 Boston, "Stretching your dollar: How to pay off your credit card debt,"Jesse Grossi, Gene Lavanchy, July 12, 2016

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