Fort Lauderdale, FL (PRWEB) May 09, 2012
A recent report from the US Federal Reserve shows that consumer revolving debt, comprised mostly of credit card debt, dropped by 4.4 percent ($3 billion) in January of this year.
Not only is the amount of reduced debt substantial, but it is also the first time that it has dropped in almost five months, prompting Credit Advocates Law Firm to applaud consumers on their positive spending habits. Furthermore, the firm wishes to offer consumers some advice in order to maintain those habits throughout the remainder of the year.
Credit Advocates Law Firm has helped numerous consumers with debt resolution and unfortunately, they have also seen many of their clients fall right back into debt as soon as their finances begin to shape up again. However, the experienced attorneys at the firm say that there are a few tricks to staying debt-free after going through a financial workout.
The attorneys advise consumers to always be aware of the big picture when it comes to personal income versus spending. It is crucial to always know how much money is coming in each month compared to what is needed to pay the bills and also build-up some savings. Having a firm grasp on that information is the first step to avoid incurring inescapable debt.
Next, the attorneys say it is important for consumers to give themselves small rewards every now and then to avoid financial binging. It is not uncommon for consumers trying to save to make costly purchases in order to lessen the burden of being frugal. However, planning a few small purchases each month instead can help prevent overspending and even suppress the urge to impulse buy.
Above all, Credit Advocates Law Firm says that consumers should take pride in any financial achievements and always put things into perspective. Having $1,000 put away in savings may not seem like much, but to someone who was $50,000 in debt with no savings at all, it is a huge accomplishment.
By remembering these tips and keeping in mind all of the hard work that went into rebuilding more secure finances; Credit Advocates Law Firm believes that it is possible for consumers to continue to reducing their debt for many more months to come.
For more information about Credit Advocates Law firm please visit http://www.creditadvocateslaw.com
Contact Credit Advocates Law:
8201 Peters Road
Fort Lauderdale, FL 33324
Credit Advocates Law Firm, LLC is a national, full-service law firm operated by experienced, local attorneys across America. Credit Advocates Law has all the knowledge, experience and tools necessary to provide our clients with all available options while helping them deal with their financial issues as quickly as possible and at the least expense.