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Focus is the key to paying off credit card debts

When the calendar rolls over to a new year, many Escondido residents set about making changes in their lives in accordance with New Year's "resolutions." For some people, the resolution will be to begin to tackle their credit card debt. This is oftentimes easier said than done, as many people are left without options to earn more income, or they are facing a debt situation that might simply be insurmountable. However, according to a recent article, those who are going to make an effort to pay down their credit card debt need to do one thing in particular: focus.

What does that mean? Well, according to the article, research has found that consumers who focus on paying off the debt on one credit card at a time were more successful at ultimately lower their debt liabilities. Many people have more than one credit card - and some will have revolving debt on more than one credit card, resulting in several different monthly credit card bills. If the research that was noted in the recent article is correct, consumers should pick one credit card to focus on at a time.

So, which credit card should consumers who are following this approach start with? Well, the research from the recent article also had a recommendation on that: focus on the smallest amount owed first. This approach can be just as much about psychological factors as it is about actual dollar figures. After all, many people would feel a sense of accomplishment to pay a credit card balance down to zero - boosting the feeling that all of the debts owed really can be paid back.

For those who don't think that they can overcome their financial challenges with this type of strategy, filing for bankruptcy may be an option. Bankruptcy is a tool for consumers who find themselves overburdened with debt, including credit card debt.

Source:, "What research says about erasing credit card debt," Aimee Picchi, Jan. 2, 2017

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