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Breaking free from credit card debt

Many people in Florida carry substantial balances on their credit cards. Some people roll their balances over from month to month, paying high interest rates and dealing with ballooning debts. There are several ways that people can work towards ridding themselves of credit card debts so that they might enjoy financial freedom.

People may try to sell unwanted items and use the money that is earned to pay down their credit card balances. They could also consider getting cheaper vehicles and devoting the payments that they would have paid to their credit cards more quickly. Some people may transfer their credit card balances to cards with lower interest rates or introductory periods, but they should make certain to try to pay off the balances before the introductory period ends.

People who are unable to keep up with their credit card debts may have to consider other options. Some may go through credit counseling agencies in order to negotiate payments in full over time with lower interest rates. Others may consolidate their credit card debts, but it is important for people to be careful that the companies they choose are legitimate and that they do not simply run up debt again.

Another option that may help people to gain freedom from their credit card debts is bankruptcy. People may seek a discharge of their credit card debts through either Chapter 7 or Chapter 13 bankruptcy. People who choose Chapter 13 may be given between three and five years to make payments towards all of their debts. Unsecured debts such as credit cards often are discharged at the end of the repayment plan period after the person has paid a fraction of the balances that were owed. A bankruptcy lawyer may advise a client about the type of bankruptcy that may be the most appropriate.

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