Apart from student loans, credit card debt is one of the biggest sources of money owed by the American population. Here in Connecticut, individuals and households facing serious debt problems are constantly on the lookout for debt relief options. Interestingly, there are ways to leverage the very credit card that accrued the debt in the first place. Of course, for those with crippling debt problems, multiple other options are also available.
Before anything else, the first thing a person or household in debt must do is to face up to it. Many people choose to ignore bills until they become an unavoidable problem — this is true of medical bills, car payments and, of course, credit card debt as well. However, it is extremely important to take stock of all accrued debt and come up with a plan to pay it down.
Setting up automatic payments is a good place to start if it’s feasible. High-APR credit cards can be a problem for those already facing debt, so targeting those to be paid down first is also a good idea. If it is possible, transferring a balance on a high-APR card to a card with a lower interest rate can also be helpful. In fact, some cards do not even charge a balance transfer fee, and others even offer a zero-interest grace period, allowing debtors to pay down existing debt without being burdened by interest for a set period of time.
Of course, no debt relief solution will work for every situation. It is important for Connecticut residents struggling with debt to seek out professional support, from financial planners to attorneys, in the case that bankruptcy may be a viable option. These professionals can help an individual or family get back on the right financial track and leave debt behind.