Managing Credit Card Debt in Michigan - Should I Cut Up My Cards?
Mounting credit card debt can be stressful. Many people have found creative solutions to curb their spending½.cutting up their credit cards, cancelling unused cards or even putting their cards on ice½.literally putting them in the freezer to avoid impulse spending! So what is the right balance½.are credit cards inherently "bad?" Our perspective is no, a plastic card is not the problem½it is the spending habits of the person using it. Credit cards, if used correctly, can be a good thing. Many cards offer reward programs that provide nice perks if used properly. Sometimes it is more convenient to pay by credit card than cash, for instance setting up "auto pays" for monthly bills that avoid late payments or mailing fees. So how can credit cards be used properly? What if you are already in trouble and need help getting out of debt? Our law firm's sole focus is debt resolution and bankruptcy law. We offer free counseling and budgeting advice to our potential clients. Some our guidelines include:
- Don't ignore a credit card debt problem: Paying the minimum due on credit cards each month is treading water, at best. If you have accumulated past credit card debt, create a plan to become debt free. Debt can easily snowball into a much larger problem, picking up speed and size as it rolls downhill. We recommend evaluating your circumstances - what you owe and your ability to pay. We offer a free tool to help in this process½click here to use our free credit card calculator.
- Think of your credit card as a debit card: Plan to use your credit card only when you have the money in the bank to cover it. Plan to pay off your credit card balance each month. This allows you to take advantage of the convenience and purchase rewards of using a credit card without the interest cost or stress of debt accumulation.
- Set a monthly budget and stick to it: This is easier said than done and you may need some help getting there. It may be impossible for you to create a balanced budget with your current debt load. Don't be discouraged, there is a light at the end of the tunnel. Besides debt management programs, we offer two great solutions through the bankruptcy process:
- A fresh start using the Chapter 7 debt elimination program.
- A balanced budget through a Chapter 13 debt consolidation plan.
Our overall advice: get debt resolution! Our firm has been committed over the past decade to helping Michigan families find the best solution for their debt problems and obtaining financial peace of mind. Call us today at 866-261-8282 for a free confidential consultation.