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Habits for credit card debt relief in Massachusetts

A credit card can be a useful tool. From buying on credit to establishing a credit rating for the future, there are important things that a credit card can help a Boston resident accomplish financially. Unfortunately, engrained habits or a mountain of debt can make that tool ineffective. High interest rates can put even the savviest individual into large amounts of debt. Healthy financial habits are important tools for getting rid of debt and there are many options for those who are overwhelmed by their credit card bills.

The financial website, NerdWallet, has an array of advice for those who want to get rid of their debt. Some behaviors are even passed down from parents to children. One of the first pieces of advice is to make more than the minimum payments on debts. The high interest rates from a credit card company drive the base debt even higher, making it highly unlikely someone will be able to pay off their debt quickly. Other tips include paying credit card payments on time and refraining from shuffling around debt to other cards. Short-term solutions can turn into long-term problems.

A long-term solution for a large amount of debt should include considering Chapter 7 bankruptcy. If it is difficult to even make minimum payments on a bundle of debt, bankruptcy can help get rid of creditor harassment and put a Massachusetts resident on the path to financial independence. There are eligibility requirements, so it's important to do research on whether or not someone is qualified. There are other options for those who don't qualify.

Many financial tools are available to get rid of debt. Those can range from making higher payments to get rid of debt easier to avoiding switching debt from card to card to card. Bankruptcy can be an option for a sustainable future for those who have a large amount of debt. It can help increase financial independence. Habits are important and long-term success means putting a stop to debt now.

Source: The Motley Fool, "Unlearning Credit Card Habits From Mom and Dad," Lindsay Konsko, May 25, 2014

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