Considering debt settlement? Avoid charging more than you have to

12/15/2009

There are a number of things people may be able to do in order to deal with credit card debt.

In a recent column for the Pittsburgh Post-Gazette, Caryn Bilotta noted that consumers who are facing problems with credit card debt should avoid opening up new credit card accounts when the reach their limits on existing accounts. Rather, consumer should concentrate on reducing their balances.

"Requesting a higher limit or opening new lines of credit potentially causes more harm than good," Bilotta wrote.

Consumers should also avoid charging more on their credit cards when they don't have the money to do so, Bilotta said. That would include paying off day-to-day expenses with a credit card. Consumers who find they are having trouble paying their bills may have to recognize they may be in financial trouble.

People who are facing difficulty paying off their credit cards may consider other options, including debt settlement. Though it could hurt their credit score, debt settlement may offer consumers a way to pay off some of their debt, rather than having to declare bankruptcy.

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