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Debt relief isn't out of reach for Illinois credit card users

It can often seem as if credits card debt has taken on a life of its own. It can loom over a consumer like a dark cloud. Fortunately, there is a silver lining and credit card debt relief is a possibility.

Illinois consumers know how easy it can be to get into debt. The trick is knowing how to get out, but it can be done. Patience and perseverance are critical in getting out of credit card debt. One common mistake that people make when trying to get out of debt is also trying to save money at the same time. For the meantime, it may help consumers to think of saving money on interest payments as their savings goal.

Starting with the card with the highest interest rate and attacking it with all available resources will help begin that process. While this card is being paid off, it is important to continue to make the minimum payments on all of the other credit cards, but not more than the minimum. Each card will have its turn to be paid off. If a consumer is spreading funds too thin by trying to make more than the minimum payment on everything he or she will never get out of debt. Over time, each card will get paid off, and then the savings can begin.

The question is whether a consumer has the ability to follow a plan such as this. Many Illinois consumers have been in the unenviable position of having to live off of their credit cards. For these struggling consumers, debt relief can come in the form of bankruptcy. Consumers can either reorganize their debt in a Chapter 13 or liquidate their debt in a Chapter 7. Which type of bankruptcy is best for a consumer will depend on several factors, so seeking the advice of someone familiar with the bankruptcy laws can be beneficial.

Source:, "4 Rules for Paying Off Credit Card Debt," Logan Abbott, May 1, 2013

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