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Credit card debt can be dealt with in several ways

Having too much debt can place one in an uncertain and sometimes hopeless position. When faced with overwhelming debt as a result of credit card overuse, a common response is to cut up the card entirely. However, Tennessee residents may be surprised to learn this is not always the best response to credit card debt. While some individuals face debt they cannot handle, many others may be able to mitigate their debt problems in other ways. 

For example, rather than cutting up a card, it can be helpful to instead limit the use of the card to one or two minor purchases each month. These purchases can be easily paid off, which helps to preserve a positive credit score. While this option may not work for chronic over-spenders, it can be a useful habit to adopt for others. 

For those who are already in a position where their debt is becoming a problem, it may be possible to consolidate debt across several credit cards to a single card with lower interest. In some cases, transferring a balance to a new card will allow a consumer up to a year of no interest whatsoever, which can help to lower the balance in the interim. Instead of paying interest, payments can be ascribed directly to the existing debt. 

Credit card debt should not be taken lightly, as most Tennessee residents understand. However, for those with debt difficulties, there are many options available. In extreme cases, it is even possible for a consumer to file for Chapter 7 bankruptcy in order to forgive existing debt, which may allow them to move forward on stronger financial footing. 

Source: wisebread.com, "6 Moves to Make Before Cutting Up Your Credit Card", Mikey Rox, July 5, 2016

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