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The risks of funding the holidays with the use of a credit card

| Jan 11, 2018 | Credit Card Debt

The holiday season was a cause for celebration for many individuals in Oregon and across the country. In preparation for festivities, some may have chosen to do a fair amount of shopping to provide gifts for loved ones. At the time, this might have been an exciting and joyous endeavor, but when credit card bills begin to arrive, the time for celebration may turn into the time to seek debt relief.

According to reports, over the course of the recent holiday season, the average family racked up a little over $1,000 in holiday debts. In a society with many living from one paycheck to the next, some might not have the cash on hand to fund such purchases. With numerous credit card companies and businesses offering special prices and promotions for using their cards for purchases, many individuals may have chosen to go above and beyond their normal spending habits.

With high interest rates on many credit cards, a similar decision could leave an individual paying for gifts for months, or even years to come. While the minimum payment on these balances may start out low, a balance may only continue to rise should one be unable to pay more than is required. This could lead to substantial financial hardships down the road, potentially prompting a need to pursue relief, but the process can be stressful and daunting.

Individuals who experience substantial monetary issues due to credit card expenses could benefit from seeking guidance on the options available. By speaking with a bankruptcy attorney, a person in Oregon could obtain some much-needed advice on making informed decisions regarding his or her financial future. An attorney can address the situation thoroughly and assist a client in pursuing relief from debts through the necessary outlets.

Source: CNBC, “Holiday hangover: Americans racked up more than $1,000 each in holiday debt“, Jessica Dickler, Jan. 2, 2018

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.