Credit card debt is among the most frustrating types of debt to pay down, as some American citizens can speak to from personal experience. Here in Connecticut, many families seek debt relief options to mitigate the weight of spending debt. Thankfully, there are a variety of strategies to help any family, from those with minor debt to those considering bankruptcy.
Much of debt mitigation involves creating and maintaining positive habits. One of the most important is to stop paying only the minimum due on a balance. Paying only a minimum amount on a credit card with nearly 20 percent interest means an individual or household will be beholden to that debt for years or even decades. Making payments in full, if possible, can help to lessen the debt load.
Debt is not an easy topic to broach for many Americans, and it can be easy to ignore money owed as it continues to mount. Unfortunately, creditors have long memories, and simply ignoring the bills as they come through the door will only serve to further deepen existing debt. Getting a full accounting of all outstanding debts is the first step towards creating a plan to pay it back.
Of course, not all of these strategies will work for every Connecticut resident or household. For some, debt relief might be best served by seeking out the support of a bankruptcy attorney in advance of filing for Chapter 7. A bankruptcy filing can discharge certain debts, including credit card debt, allowing residents to rebuild their credit in a financially healthy way.