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Paying attention to interest rates could help with debt relief

Credit card debt is a common worry for many Louisiana residents. Besides the emotional toll owing debts can create, there can also be significant financial consequences. Knowing all the possible alternatives to relieving debt can help to regain financial stability. Fortunately, those in debt have several options that could aid in debt relief.

A recent study found that 157 million Americans owed some amount of credit card debt. One reason credit card debt can increase so quickly is because of variable interest rates. Many credit card companies use the Federal Reserve benchmark rate to determine how much interest they charge card owners. When the Federal rate goes up, so do the credit card interest rates.

Typically, the best way to eliminate debt is to pay it off as quickly as possible. In some cases, maintaining a stricter budget can help by eliminating unnecessary spending, leaving more money available to pay the debt. This is often easier said than done, however. Transferring a balance to a credit card with lower interest rates could also help to lower debts. When these options do not solve the problem, consumers may consider contacting an attorney.

There are several ways an experienced attorney could help Louisiana residents facing severe credit card debt. An attorney could assess individual situations to determine whether bankruptcy or other alternatives may be the best course of action to achieve debt relief. In addition to this, an attorney could also provide guidance and support to clients so that they do not have to continue battling debt on their own.

Source: fool.com, "Here's the Newest Reason to Worry About Credit Card Debt", Maurie Backman, March 19, 2017

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