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How to deal with holiday credit card debt

The holiday season is upon us and many Massachusetts residents may feel the only way to survive is to use their credit. There are several strategies you can use you to minimize debt and other tools for those who feel mired in credit card debt. The holidays can be a stressful time for those who rack up credit card debt or are struggling with other large financial burdens.

One of the recommended ways to avoid holiday debt is to pay statement balances every month. When balances aren't paid in full, high interest rates are charged on the remaining amounts. Another tool is to find holiday credit card deals with 0% interest rates. Some cards will allow borrowers to suspend interest payments for up to 18 months.

For those with large amounts of debt, one option is find a 0% interest rate promotional balance transfer. This would allow for a grace period in which to pay off the balance. Massachusetts residents can take a look at many of the different holiday deals on credit cards.

For those overwhelmed by credit card and other debt who need a solution that goes further than a balance transfer or a lower interest rate, another option is to file for bankruptcy. It's important to realize that there are professionals who can help with consolidation, loan payment schedules and developing a personalized system. Filing for bankruptcy can be a powerful financial tool to alleviate debt and stabilize oneself for the future. It can wipe out high credit card debt, skyrocketing interest rates from delinquent payments and even medical bills.

Finding a way to cope with financial burdens during the holidays is difficult, but there are options available for people depending on their situations. Legal steps like filing for bankruptcy can help with overwhelming debt loads when other measures won't suffice.

Source: MSN Money, "4 holiday credit card strategies," Jason Steele, Oct. 28, 2013

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