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Law Office of W. Thomas Bible, Jr.

Handling credit card debt

For many Americans, debt is a rising problem in 2016. With the national credit card debt expected to top $1 trillion, Tennessee residents may be thinking about how to reduce their debt load. Thankfully there are a variety of strategies suitable for any debt load, from the mildly persistent to the significantly problematic. 

Curbing spending may sound like an obvious way to help bring down debt, but many people do not pay as much attention to their spending as they might. Small purchases like a morning coffee or a fast food lunch may not seem like much, but they can add up in the long term. Considering how to cut back or eliminate these expenditures can go a long way toward saving money and bringing down debt.

For those deeper in debt, it may be possible to negotiate a lower interest rate with a credit card company. This is particularly true if the plan is to transfer the balance to a card with a lower rate. In other cases, tackling the card with the highest interest rate first may be the best move. It may be necessary to seek the support of a financial advisor in making these decisions. 

This is particularly true if debt has become wholly unmanageable. At this point, it may be valuable to consider a Chapter 7 bankruptcy filing to help get debt under control. Thankfully, there are many resources available to Tennessee residents struggling with credit card debt to help them find the avenue that is best for them and for their families. 

Source: Los Angeles Times, "How to get back on track if you're drowning in debt", Pamela Sams, June 25, 2016

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