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Dealing with credit card debt critical for Michigan residents

It is no secret that debt is a major topic of conversation in this state. Michigan residents are all too aware what credit card debt and other kinds of debt can do on both an individual and even a city-wide level. That is why it is so vital for Michiganers to learn how to deal effectively with their debt levels in order to secure a fiscally sound future for themselves and their children.

Knowing what debts are owed might seem like an obvious first step. However, many people remain unaware either intentionally or accidentally when bills go unpaid. Listing debts, monthly payment obligations, and interest rates for all outstanding bills can help develop a "big picture" of what needs to be done to mitigate and otherwise deal with these numbers.

Restructuring debt can also be helpful -- with credit cards, rolling all debt onto a single card with a lower rate of interest can help put debtors in a position of being able to pay down balances more effectively. Using the so-called "snowball" method of paying down one balance at a time in full can provide a sense of accomplishment. However, the "avalanche" method of paying debts down piecemeal will cost less in the long run. Ultimately, it is important to pick a strategy and stick with it.

Credit card debt can seem insurmountable, but it is not. It is possible for Michigan residents to pay down or otherwise erase their debt. Even if it means filing for personal bankruptcy to clear the slate, it is a positive step towards a more fiscally healthy future.

Source:, Getting out from under load of debt, Jessica Dyer, Sept. 1, 2013