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Finding yourself in credit card debt is severely unfortunate.
Have you found the lowest monthly payment on your credit cards?
said Shawn Carpenter, chairman and CEO atStock Alarm.
This is a classic sign that things are looking bad.
A credit score drop is a big red flag, Carpenter said.
If its because youre maxing out your cards or missing payments, youre in troubled waters.
Dont hide from your debt, even if its scary.
Tackling it head-on is the best way to take control and lower your stress.
Does your debt get in the way of your personal, professional or financial goals?
Can you not afford to buy a home because of credit card debt?
If you cant reach your goals because of debt, you gotta take paying it off more seriously.
Acknowledge the Problem
The very first step is acknowledgment and the commitment to tackle the problem.
Its important to accept that it will likely require some belt-tightening and other changes in your financial behaviors.
Eliminating high-interest debt takes time, commitment and a concrete plan.
Each person will be different.
The realistic part is important.
Fox pointed out that there are a lot of budgeting apps available that can make budgeting easier.
This is also called a debt consolidation loan.
You must be able to pay off the balance within that window.
These can lower the interest rate on a credit card by a small amount, Fox said.
Cardholders can also call their credit card issuers and ask for a lower rate.
Assess carefully whether a slightly lower rate may not be enough to really get you out of debt.
Debt resolution is the process of working on a consumers behalf to lower principal balances, Fox said.
Programs are regulated by the Federal Trade Commission.
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