The popular credit monitoring site, TransUnion reports the rate of credit card payments that are at least 90 days overdue fell in the second quarter to 0.57%, the second-lowest recorded by the agency in nearly 20 years, when the rate was 0.56%. More Americans are working to bring down their credit card balances as the U.S. credit card delinquency rate fell close to the lowest levels since 1994. The trend is positive, and according to experts may be a sign that the worst is behind for cardholders post-recession.
If this trend does not apply to you and you are still struggling with credit card debt, below are some helpful tips for getting out from under credit card debt.
1.) Negotiate interest rates. If you are in good standing with your card issuer, try to negotiate your current interest rates. Today, issuers are more willing to negotiate with consumers to keep them as card holders.
2.) Prioritize your debt. Review and evaluate all of your outstanding debts and work to pay off those balances, beginning with those cards that carry the highest interest rates.
3.) Consider consolidation. Consider consolidating your debts into one personal loan for a fixed rate. You will want to make sure and put your cards away, so you are not tempted to use them.
4.) Reach out for help. Do not be afraid to ask for help. If you are more than $10,000 in debt, seek advice from a credit counselor who can help come up with a repayment plan. If your debt becomes unmanageable, consult an experienced bankruptcy attorney who can advise you of all your options.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.