In many cases, credit card debt is an insidious thing. The situation can seem tenable, especially when you have multiple credit cards and the total level of debt rises gradually over time. Once you sit down and assess the full scope of debt, it becomes apparent that it is time to think about methods of eliminating your debts. The following advice is offered to help Ohio residents decide whether that time has arrived.

One way that consumers can evaluate their personal debt scenario is to look at when and how credit cards are being used. When small, everyday purchases are being paid for on credit, there is often a deeper problem. Credits cards should never be your only payment choice; the use of credit should be a carefully made decision that is in line with a larger financial plan.

Another sign that financial trouble is afoot is when your monthly budget only allows for the minimum balance to be paid on credit card accounts. Paying the minimum is a poor financial move over time, and will lead to massive interest charges on purchases that have long outlived their usefulness. When income is not sufficient to aggressively pay down debt, it may be time to consider other options.

For those in Ohio who find that they are turning to credit to cover minor expenses, and are unable to make more than the minimum monthly payment on credit card debt, a closer look is called for. In some cases, filing for personal bankruptcy is the best way to address high levels of credit card debt. Once eliminating your debts becomes a top priority, a good course of action involves making an appointment to discuss the matter with a bankruptcy attorney.

Source: kiplinger.com, “3 Reasons You Can’t Get Out of Debt“, Andrea N. Browne, Oct. 28, 2015