People, by now, realize they were perhaps a little bit too generous at Christmas time. The credit card statements have come in and the debt balances are higher than usual. This can be a direct threat to the financial wellness of some people. The credit card debt may already be substantial and they are paying double-digit interest rates on the balances.
The figures can be frightening and may lead to some drastic decisions. A person has to be cautious in dealing with credit card debt, however. Paying the monthly minimum is essential, but too much can leave a consumer strapped for cash and not able to fully pay other obligations. Some have no concept of a personal budget and are floundering. Credit card balances can be managed and can be lowered. It requires a little strategy along with frugality. Continue reading