While debt is often common and necessary for those going to school, opening a business or buying a home, debt can accumulate quickly and become harder to pay off than one anticipated. Important aspects of paying down debt seem to be persistence and making continual progress, and Kentucky residents might be able to follow a few tips to get rid of lingering financial obligations.
Those who are struggling to pay their current debts might need to take a look at how they are spending money as there are probably areas where they can scale back purchases. Making a budget that shows monthly income and expenses can help one keep track of finances and eliminate wasteful spending. One could try to avoid gaining more debt when finances feel unsteady by not using credit cards when making purchases, and removing stored card information from online stores may prevent impulse buying.
A person might be able to make a bigger dent by paying more than the minimum monthly balance on the largest debts. For example, one could develop a strategy for paying off credit card debt by targeting the card with the highest interest rate and making weekly payments or paying double the monthly amount while continuing to make regular payments on the rest of the cards. Paying the smallest amount possible only prolongs the repayment process and garners interest for the issuer.
Those who have accumulated a lot of credit card debt may feel stressed and harassed by creditors and unsure about how to proceed. One option might be Chapter 7 bankruptcy if one's income level is too low for one to be reasonably expected to make debt payments. An attorney can outline to a client the eligibility and other requirements for a Chapter 7 filing during a discussion of the various forms of debt relief that may be available.