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Keeping track of debt during the holidays

Kentucky credit card users understand that debt may be difficult to pay off, especially when sales or special deals tempt a shopper with seemingly easy payment terms such as deferred interest. This may be particularly true around the holidays when consumers are targeted with special deals everywhere they go. Learning how to control spending and debt on credit cards helps keep spending in line with earnings and helps the consumer pay the debt off.

One way to keep track of debt is to set a spending limit on purchases for and stick to it. Once that spending limit has been reached, it is time to put the credit cards away.

Interest on credit cards may mount quickly, depending on the interest rate being charged. A revolving card from a store might seem like a good idea to earn rewards, since interest charges do not accrue if the balance is paid off within a certain amount of time. However, it might be a good idea to read the contract carefully before signing. If, once the introductory period ends, any balance is left unpaid from the purchase, a consumer might end up being charged all the interest that would have accumulated from the beginning.

Pickpockets may try to steal credit cards at a mall, and accessing unprotected Wi-Fi at the mall to withdraw money might result in credit card information being stolen. Carrying credit cards in protected locations and guarding pin numbers is important for security.

An individual facing insurmountable credit card debt may benefit from consultation with an attorney. After investigating the amount of debt versus income, an attorney might help by advising on whether bankruptcy is a viable option to get the debtor back on track.

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