Credit Card Debt Relief

As far as unsecured debt is concerned, credit cards are by far the most common culprit. When it comes to unsecured debt, credit cards are by far the most common source. For many Baton Rouge residents, it is hard to pay down the credit card debt that they have accumulated; especially, since the cost of living is so high. Using credit cards to pay for the basic needs is become the norm for many families. Doing this can put people at the bottom of hole that's very hard to climb out of.

It may be possible, with a great deal of effort and self discipline, to start paying down debt. But that may mean being able to only pay the minimum each month, which is not the quickest way to get where one longs to be financially.

Experts will tell you that when you make a minimum payment on a credit card, the majority of that payment goes toward the interest with a small portion going towards the principal balance. The minimum payment will then decrease the next month, which is all well and good, but if you continue making the minimum payment listed on the bill, it will take you longer to pay the debt off and will cost you more - sometimes tens of thousands of dollars more.

For example, according to Fox Business, starting off with a $1,500 minimum payment on a $50,000 balance would take someone over 40 years to pay the debt off, costing a total of nearly $100,000. Some experts advise that if someone can afford to pay that current $1,500 a month payment they should continue to, no matter how much the minimum payment goes down on the bill. This would allow for the debt to be paid off in less than five years and would save more than $15,000.

For many Baton Rouge residents, however, even that minimum payment may be out of reach. This is where the real trouble often lies when one has accumulated credit card debt. Fortunately, there are debt relief options, including bankruptcy protection. No matter what option is chosen, taking care of your debt will take a huge load off your back and will lead you down the right path to a better financial future.