Chicago Bankruptcy Lawyer Fonfrias Offers Tips on Reducing Credit Card Debt

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As household credit card debt continues to be a concern for many American families, Chicago bankruptcy lawyer and financial rescue expert Richard Fonfrias of the Fonfrias Law Group, LLC (, offers tips on how to reduce credit card debt.

Sometimes people find themselves struggling with credit card debt because they thought that they had no other option.

Economic insecurity and worries held-over from the recent recession have caused many consumers to be more cautious when it comes to their spending. Although total credit card debt has dropped from a peak of $1.08 trillion in 2008 to $849.8 billion in February 2013, there are still a large number of Americans that are struggling to pay their credit card bills. Data from government sources shows that the average U.S. household owes about $7,000 on their credit cards, but indebted households, those carrying an unpaid balance; owe an average debt of $15,185 on their credit card accounts. According to leading Illinois bankruptcy and financial rescue lawyer, Richard G. Fonfrias, J.D. of the Fonfrias Law Group, LLC (, credit card debt clearly remains a major problem for many American families. He offers the following tips on how to avoid the trap of accumulating credit card debt.

1/ Create a budget and stick with it. Curtail all unnecessary spending. If you can’t afford it don’t buy it.
2/ Keep track of what you spend each month.
3/ Build an emergency fund.
4/ Limit the number of credit cards you own and understand their terms of use.
5/ Pay your balance in full each month. If you can’t pay the total amount, always pay more than the minimum monthly payment. Never miss a payment.
6/ Pay off the credit cards with the highest interest rates first.
7/ Next pay off the credit cards with the lowest balance owing
8/ Consolidate your credit card balances to a card with a lower rate
9/ Seek professional help if you feel overwhelmed

“In my experience, people don’t always get into trouble with credit cards because they are careless with their spending,” states Fonfrias. “Sometimes people find themselves struggling with credit card debt because they thought that they had no other option.” says Fonfrias. “At my Chicago law office, we have helped many clients who found themselves in serious financial trouble when unforeseen circumstances, like losing a job, large medical bills or a family break up, made it impossible for them to make ends meet. To pay the bills, these people maxed out their credit cards, even though they knew that at some point they would not be able to pay the balance. Often the best solution for them is to declare bankruptcy so that they can make a fresh start,” says Fonfrias.

“Fortunately, with time and effort, most people can work their way out of credit card debt on their own. For those who can’t, there is help out there, but it is important that they seek it out sooner rather than later,” advises Fonfrias.

Contact Information:
Richard G. Fonfrias, J.D.
Fonfrias Law Group, LLC
First National Plaza
70 West Madison, Suite 1400
Chicago IL 60602
Phone: 312-969-0730

About Fonfrias Law Group: Chicago Money Lawyer Richard Fonfrias of the Fonfrias Law Group has built a solid reputation helping clients in serious financial trouble find the right solution to their money problems. Serving Illinois, California and Florida, the Fonfrias Law Group’s dedicated Chicago financial rescue and bankruptcy team offer extensive financial legal services, including bankruptcy defense, tax defense, debt consolidation, bad credit repair, foreclosure defense, credit card debt management, loan and mortgage refinancing advice. For more information call Rich at 312-969-0730 or visit

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