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Tips for those with credit card debt

Many people in South Carolina have credit cards and might wonder about the best way to pay them off. Staying on top of credit card debt is important as large debts can make it hard to pay for necessities and save for retirement. One report estimated that Americans in debt owe an average of more than $16,000 for their credit cards, but there are ways to help control one's debts.

While other debts may exist, it is usually best if consumers pay down credit card debt first. This is because debts with high interest rates cost people the most, and credit cards generally charge the highest interest. Even if one cannot contribute extra money to credit card payments, one could pay off the balance each month to avoid paying interest. If there is a card with a high balance, making regular purchases on another card and paying it off monthly may be necessary.

Those with a low credit score who want to work towards raising it may want to evaluate the number of credit cards they need. Older cards strengthen one's score, so one could choose to keep older cards that have the best terms. Cards with annual fees might also be cancelled, and making small, affordable purchases that one can pay off immediately can help one improve a credit score.

Thirty percent of a credit score is based on credit card amounts, so seeking relief from credit card debt can help one have peace of mind and a better credit score. There could be multiple options for getting rid of credit card debt from making an agreement with creditors to filing for bankruptcy. An attorney who has experience with these matters can discuss the available forms of debt relief with a client who is overwhelmed by financial obligations.

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The Huggins Law Firm, PA

Columbia Office
1812 Lincoln Street
Suite 201
Columbia, SC 29201

Phone: 803-764-1558
Fax: 803-764-1563
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925-D Wappoo Road
Charleston, SC 29407

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