Illinois residents have options when it comes to paying off debt and improving
their financial situation, according to a book called "The Debt Escape
Plan: How to Free Yourself From Credit Card Balances, Boost Your Credit
Score, and Live Debt-Free." The book recommends practical strategies
for debt repayment, including making small changes in spending. From brewing
coffee at home to actively seeking out discounts in recreational activities,
small cost cuts can add up to large savings.
According to government data, the average American household has $7,283 in
credit card debt. One possible reason for this high national average is the prevalence
of people who use credit cards as an emergency fund. Small purchases add
up over time, contributing to the overall debt. Another survey showed
that 63 percent of women ages 18 to 24 had credit card debt compared to
36 percent of their male peers.
Experts recommend setting specific goals in order to stay motivated and
keep making progress towards debt relief. Other practical steps include
consolidating credit card debt to another card with a lower interest rate
that is more manageable to pay off over time. Individuals in debt can
also benefit from analyzing why they spend in an effort to have greater
awareness of their financial habits in the future. Credit counseling is
another option for those who need additional guidance in the debt reduction process.
dealing with credit card debt can take many small, manageable steps to reduce spending and pay off debt
sooner. A debt relief lawyer may be able to help with collections companies
and negotiating a debt repayment plan that works for the individual. Bankruptcy
is also an option for those who do not have the ability to repay current
debts without undue hardship and need a fresh financial start.