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Michigan residents urged to deal smart with credit card debt

It is almost unavoidable in the modern era to not accrue debt at one time or another. Most often, this debt comes in the form of credit card debt, as many Michigan residents are keenly aware. Thankfully there are many possible ways of dealing with credit card debt, including the potential to file for bankruptcy in order to clear the slate.

Obviously, the first step towards managing credit card debt is to create a budget and stick with it, which may be more difficult for some than others. But it is also possible to pursue two further options: lowering the interest rate, and lowering the amount of outstanding debt. The latter requires an allocation of funds away from where they would normally be spent and into credit card payments. Setting up automatic payments or earmarking funds for a savings account designed to raise money for those payments can be helpful.

There are several ways to lower interest rates. First, it is possible to apply for a 0 percent balance transfer card, which will allow for a transfer of outstanding debt onto an interest-free card to help pay it down, though this often comes with a one-time transfer fee. Second, switching to a lower-rate card with the current bank is also an option, which can help take some of the pressure off.

Credit card debt is among the most tenacious debt types in American life, as many Michigan residents understand. It is important to keep in mind that there are always options to help deal with rising credit card debt. Debt reconstruction and filing for bankruptcy can give debtors the fresh start they need to get back on your feet and move forward in a positive fiscal direction.

Source:, Dealing with Credit Card Debt: How to Get Debt-Free, No author, Aug. 28, 2013