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Michigan residents facing credit card debt have options

The end of the holiday season and the beginning of the new fiscal year represents a fresh start for those facing debt. Particularly, many Michigan residents find themselves laboring under credit card debt left over from the holidays. Thankfully, those facing constricting debt are faced with a variety of options for discharging or forgiving this debt, including the possibility of filing for personal bankruptcy in the interest of restructuring their finances.

Maintaining a list of debts owed to various creditors is a good place to start, as a full understanding of how much is owed and how much interest is being charged can help residents develop a comprehensive debt reduction plan. In some cases, contacting a creditor to negotiate a reduced interest rate can be worthwhile. Generally speaking, many believe it is a good idea to pay down cards with the highest interest first in order to lessen the overall interest payments per month.

Transferring a balance to a card with a lower interest rate is also sometimes possible, though such a move sometimes comes with a transfer charge. Of course, paying bills on time is always advisable, and if it is possible to pay more than the minimum amount, so much the better. If it appears that a payment due date may be missed, it is critical to contact creditors immediately and try to avoid penalties.

Credit card debt can be daunting to discharge, particularly due to the high interest rates charged by many companies. However, Michigan residents may gain by considering their options when it comes to discharging debt. In some cases, a bankruptcy filing can help to take the weight of the heavy debt of an individual and help him or her to restructure their finances in a productive way moving into the new year.

Source:, 10 Tips for Reducing Credit Card Debt in 2014, Bill Hardekopf, Dec. 30, 2013

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