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How do I keep credit card use under control?

Often when people are struggling with consumer debt in Massachusetts, one big concern is making sure more debt isn't piled on top of it. Sometimes, debt levels can be out of control and one of the few options is finding debt relief through bankruptcy. However, before taking such a drastic step, there are various strategies that can be employed to keeping credit card use under control. Some of those strategies are outlined below.

According to information from the Federal Trade Commission (FTC), it's very important to keep track of spending. There are many purchases that can add up if not monitored. Small purchases done once-a-week or so can add up over time and accumulate to untenable levels. The FTC highlights an example of a $1,500 charge with a 19 percent interest rate. If you only pay a minimum monthly payment of $60, it will take over eight years to pay off the debt.

Keeping track of what expenditures you have is important, and a robust record-keeping system is a good step toward that goal. It's important to not give your credit card information to anyone, as well as immediately reporting a lost or stolen credit card. Paying More than the minimum payment amount will also aid in reducing the debt more quickly.

With large levels of debt, simply paying the minimum may not be feasible. You can consider bankruptcy as one option if levels of debt have gotten out of control and paying off the debt with your income is not possible. Bankruptcy can help get rid of a large amount of debt, at the expense of your credit rating. Utilizing strategies for minimizing the amount owed to credit card companies will help keep such debt from creeping up in the future.

Source:, "Paying Down Credit Card Debt," Accessed on October 18, 2014

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