Americans attack credit card debt

At the beginning of each new year, Mississippians, as well as many other Americans, often make several resolutions. 2014 begins no differently. Many Americans are vowing to tackle their credit card debt.

Credit.com conducted a recent study in regards to this resolution, entitled "Americans and Credit Card Debt." The results are quite interesting. More than half of the people surveyed who had some debt report that it is extremely important to address and hopefully get rid of all of their credit card debt. The survey showed that starting a budget was the number one method chosen by those looking to reduce their credit card debt in 2014. Of course, simply creating a budget is nothing if you don't stick to it. The survey also showed a number of ways individuals were looking to employ to help chip away at credit card debt including taking in a roommate, getting a second job, consolidating their credit card debt, not eating out as much and more.

While 41 percent of the surveyed individuals indicated they felt very confident in paying off their credit card debt this year, completely paying down credit card debt may not be an option for everyone.

Although it may not be possible for individuals in Mississippi and the rest of the U.S. to completely pay off their credit card debt, the law offers other solutions. Individuals may be able to file for bankruptcy and discharge their debts. Discharge is a legal term. It refers to the specific legal procedure in which an individual's debts are essentially wiped away. In simple terms, individuals who have their credit card debts discharged in bankruptcy will not need to pay the balances owing on these credit cards and can avoid creditor harassment.

As people now reflect on their financial challenges, they should develop a plan of attack in order to reduce their consumer debt. Tackling credit card debt is certainly a positive step and identifying the best personal strategy will offer the best long-term solution.

Source: dailyfinances.com, "7 Ways Americans Are Getting Out of Debt," Jan. 21, 2014

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