Credit card debt in Dallas TX is one of the financial plagues of the modern era. When personal ‘charge’ cards were introduced in the 1950s, they all carried the proviso that charges had to be paid off monthly. By the mid 1960s, however, the charge card had morphed into the personal ‘credit’ card, as we know it, In the 1970s, these early credit cards, including the precursor to Visa, the BankAmericard, were mass-mailed, unsolicited, to people the banks considered good credit risks. Unfortunately, in their frenzy to create credit card customers, cards were sent to people who were also back credit risks – the unemployed, drug addicts, compulsive debtors. The result was over 100 million credit cards dumped into the U.S. population before laws could be enacted limiting credit card companies to unsolicited mailings of credit card applications only.
That doesn’t mean that it’s particularly difficult to get a credit card in the 21st century. In fact, with the explosion of the number of credit card companies sending their applications through the mail, there is a high likelihood that people who shouldn’t have credit cards, for whatever reason, are getting them anyway. College students, either still in school or recently-graduated but without jobs, are being given credit cards. People who’ve declared bankruptcy are being given credit cards. People already drowning in credit card debt in Dallas TX are being given credit cards. As of December 2014, U.S. consumers owed more than $882 billion dollars in credit card debt and that number isn’t likely to drop in 2015.
If you feel that your credit card debt in Dallas TX has become unmanageable, consider some practical ways to reduce it:
➤ Take a realistic look at how much debt you have. You must have accurate numbers in front of you for a plan to reduce your debt to be effective.
➤ Call your credit card companies to ask for a lower rate on your cards. Even though your plan is to pay them off, lowering the interest rate will save you quite a bit of money during the process.
➤ Write down all of your monthly expenses and see what can be cut from your budget. Do you use your gym membership? Do you have to have your hair done every month? Do you need or even watch your premium cable channels?
➤ Choose a pay-off strategy. Once you’ve streamlined your budget, you have two options. The first is to pay off the card with highest interest rate first. Then with the extra cash you’ll have once it’s paid off, you can move on to the next-highest-interest-rate card and so on. Or you can pay off the card with the smallest balance first to give yourself a psychological boost and a little extra cash to put toward the next card.
➤ Hide your credit cards. You don’t have to cut them up or send them back because you may need them in an emergency. Plus, credit cards with no balance can be counted as available income on a credit report and will boost your credit score.
➤ Stay motivated. Have a plan for the money you’ll have when your cards are paid off, whether it’s a vacation or a home improvement project.
When your credit card debt in Dallas TX takes over your life, call The Law Office of William Kunofsky at (214) 369-1040. We can offer you a debt solution that will let you breathe easier. Visit us online at www.debtfighters.com to learn more.
Credit Card Debt Dallas TX
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Dallas, Texas 75231
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