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Getting back on track with your personal finances

If you are struggling to make ends meet, watching your past-due balances grow each month and facing credit card bills you cannot manage, you are not alone. Many consumers in Tennessee face a similar situation every day, and while it may seem like there is no way out, it is possible there are options available to you. There are steps you can take to regain your financial footing.

One important step in turning things around is taking control of your spending. No matter how much debt you pay off, it won't matter if you are adding back onto your balances each month or resorting to only making minimum payments on credit cards. While there are some practical steps you can take to regain control of your credit card balances, there may also be some legal steps you will want to consider, such as bankruptcy.

Simple steps to consider

One way to get control over what you owe on your credit cards is to get control over when you swipe the card. It's easy to just input your card information on an online purchase or swipe the card at the store. Before long, you've spent more than you realized, and you may not be able to make the payments. After months of missed, late and minimum payments, you could be looking at a serious problem. The following steps may help you:

  • Don't store your card information in shopping websites. It makes it more difficult to make a purchase on impulse when you have to get your card out and input the information every time.
  • Budget what you want to spend, and carry that amount in cash. Making yourself only buy things in cash can help you see what you're spending, and you may be reluctant to hand over your money when it's a physical transaction like that.
  • Figure out why you overspend on certain things. Many of the things that cause credit card balances to rise don't add value to life or are not truly necessary.

In some cases, credit card balances are beyond management, even after managing your spending. If this is where you find yourself, you may want to consider the benefits of Chapter 7 bankruptcy. This process allows you to deal with certain balances and emerge from the process to a better financial future. Before you give up hope, you may want to speak with an attorney about the options available to you.

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