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Credit card debt is taking over the nation

It seems that many are back to pulling out the plastic for things that might not be an emergency. During the height of the financial crisis, people curbed their use of credit cards because they feared the financial situation would eventually make its way to them, if it hadn't already. But now, according to a recent report, credit card debt is making a comeback, and Chicago residents are not immune.

Illinois has the 15th largest amount of credit card debt. The amount is well-above the national average of $4,965. Although 15th is better than first, it is still quite a bit of debt for credit cards.

Those who are carrying large amounts of credit card debt should do what they can to lower their financial obligation. Only paying the minimum amount owed could mean decades of repayment and thousands in interests. Making larger payments will pay off the debt faster.

Credit card holders should also consider getting rid of the "just for emergencies" credit card. Many are not saving these cards for emergencies, but are making purchases that they could otherwise save for or finance with a less-expensive method. Holders can also attempt to refinance their high-interest credit cards which will lower their overall debt.

For those who are over their heads with debt, there are other alternatives. Speaking with an experienced legal professional can help people who are struggling with credit card debt find solutions to the issues and enable them to start over with a clean slate and without the large amount of debt keeping them from doing the things they want to do financially.

Source: myjournalcourier.com, "Our view: Credit card debt" No author given, Feb. 10, 2014

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