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Budgeting is one of the first important steps for debt management

There are many different kinds of debt that people can hold, but the high interest rates that credit cards can bring can be among the most difficult to manage. Those who owe money to Connecticut banks and credit card companies would benefit from taking a serious look at their finances and budgets. The best debt management solutions depend largely on on the debt load, type and repayment abilities.

The first step Connecticut residents should take in debt management is to sit down and write out a budget. Those who have a budget but are still accumulating credit card debt may benefit from revising their current spending plan. It is a good idea to find as many places to cut expenses as possible so the maximum amount can be contributed to debt repayment.

The next thing people should typically do is clarify the debt they hold. This may include credit card debt, car loans, medical bills and student debt. Clarifying how much is owed and which debt repayments are the highest priority is a good idea to get back on track. Writing down the amounts and posting repayment goals in a visible place, such as on the fridge, can help encourage adherence to the plan.

Following a strict budget and getting clear on what is owed are great debt management tips. But what happens when someone owe a Connecticut lender more than they can reasonably pay back? Those facing serious debt loads may need to consider more dramatic steps, such as bankruptcy. A lawyer who understands state and federal laws governing bankruptcy can help in these cases.

Source: kansascity.com, "The key to getting out from credit card debt: budget", Kat Hnatyshyn, April 19, 2018

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