By: Zalutsky & Pinski

Credit card debt can be overwhelming. Don’t panic! There are several ways to deal with them. It is important to take a good look at your complete financial picture. Start by figuring out how much money is left after your normal living expenses. Once you subtract housing, transportation, utilities, food, clothing, insurance, and all other necessities; how much money remains?

Nothing or very little? It’s time to sit down and talk to a professional regarding your situation! In the coming weeks, we will be discussing the various options available. But you don’t have to wait that long, contact our office to get some advice immediately.

If there is not enough to pay credit cards in full or you don’t feel like the balances are going anywhere, there are still options. The best option is to consult with a professional. However, if you are hesitant to take that step, there are strategies to use. For example:

• You must always be sure and make at least your minimum payment on your accounts. Failing to keep up with minimum payments can cause problems on not just that one card but with all your creditors.
• Every dollar you pay over the minimum goes toward your principle balance and can save money and get you out of debt sooner. In most cases, if you pay double the minimum payment you can have that debt paid off in 3 years.
• Consider consolidating your debts. Credit Cards will often offer balance transfers with significantly reduced interest rates. Just be sure to watch out for balance transfer fees!
• Another tip is to concentrate on paying down one card at a time. Focus on the card with the smallest balance. Once this card is paid off, you will feel like you have accomplished something. You can put the money you were paying towards the debt with the next smallest balance. Alternatively, you could focus all your extra money on reducing the balance on the card with highest interest rate. Paying this card down will save you a lot in unpaid interest.

These are just a few tips and strategies for when you feel like you’re just treading water as opposed to getting ahead. If you would like more information or to discuss options including debt settlement or bankruptcy, contact us at 312-767-0111, via email at News@zaplawfirm.com or on the web at ZAPBillsNow.com.