New York, NY (PRWEB) September 28, 2013
Money Mermaid announced three ways to handle credit card debt for those who have already developed debt in some amount. This announcement came on the heels of U.S. News’ September 25th article, titled “How to Avoid Credit Card Debt”, an article designed to assist those without credit card debt in avoiding the trappings of overdue balances and accumulating debt. The article offered readers methods to avoid getting into credit card debt, but did not strictly address those who have already accumulated a vast amount of credit card debt. Money Mermaid stepped in to offer assistance for those already in significant credit card debt.
In the recent US News article, Kimberly Palmer wrote about credit card debt and how to avoid it. Palmer revealed that countless Americans believe credit card debt is simply a way of life, and is actually a responsible means of handling one’s finances. Palmer quickly contradicted this idea, instead urging readers to avoid debt altogether. One method is to make detailed financial plans to avoid unnecessary credit card use. Another is to simply pay all credit card dues in full each month. Palmer urged readers to avoid negative feelings regarding debt and to maintain a positive outlook. The remainder of her advice revolves around keeping finances high and spending low.
Money Mermaid offered three tips for individuals with significant credit card debt. These tips include:
1. Create a budget with debt elimination in mind. Minimize monthly spending and devote the money left over after budgeting to paying off all accrued credit card debt.
2. Consider debt consolidation. Debt consolidation may assist in achieving lower interest rates, or may simply assist in putting all payments into one lump sum, making it easier to remember to pay all debts, and avoiding adding money to the pool via late fees and fines.
3. Put credit cards away for emergencies, or cut up cards to avoid use. Though the latter may be a drastic move, for those who have developed something akin to a shopping addiction, it may be necessary. Rather than continuing to use credit cards, put them away until most or all of the debt has been paid off to avoid increasing debt.
Kimberly Palmer is a writer for the U.S. News. Her work centers around the finance industry, writing for consumers, offering tips and advice.
Following an article regarding how to avoid credit card debt, Money Mermaid offered three tips for consumers who have already become entrenched in credit card debt. The tips were designed with debt elimination in mind. Though getting rid of credit card debt can be difficult, and does require determination and dedication, using Money Mermaid’s tips, it is certainly an achievable goal. MoneyMermaid.com advises people to go to DebtConsolidation.com if they need to learn more on debt consolidation versus bankruptcy.
MoneyMermaid.com is an online source of financial news and advice, striving to assist families and individuals in developing better spending habits, carrying less debt, and money management skills.