Eliminate debt and avoid creditor harassment in the new year

By now many New Year's resolutions have been broken and Saint Cloud residents might be worrying about slipping back into their old ways. While diets and exercise programs are important for maintaining healthy lifestyles, good money management is important for healthy personal finances. Experts recommend that it is time to get money matters on track in 2014 and to begin paying off credit card debts.

Financial experts report that while interest rates on mortgages are slowly on the rise, borrowing rates for credit cards are still relatively low. It is possible that these rates will also begin to climb in the coming years, so experts suggest that now might be a good time to start eliminating those financial obligations.

In addition to reducing their payments people who pay off their credit card debts experience other important benefits, such as less creditor harassment and fewer dealings with collection agencies. They both save money through paying less in interest and reduce their stress levels by eliminating interactions with aggressive lenders.

Experts also note that interest rates on savings accounts are lackluster, which suggests that people may get more mileage out of their money by eliminating debts with high rates over putting money into accounts that produce few returns.

With much activity happening in the interest rate world, individuals with credit card and other debts may be confused about their options for becoming debt free. Those individuals may benefit from working with legal professionals who are committed to helping people resolve their financial problems. While some individuals may choose to pursue bankruptcy or other legal remedies for financial freedom, others may discover different ways of managing their money with the help of trusted legal counsel.

Source: CNN Money, "Why 2014 is the year to get out of debt," Melanie Hicken, Jan. 8, 2014