Whether to purchase a big ticket item, or simply for assistance with day-to-day expenses, many individuals in Oregon and elsewhere have turned to credit accounts for financial aid. While credit cards can provide immediate relief, such a decision could come with a price, and high interest rates on balances could lead a person toward financial hardships. However, monetary issues may not be the only concern with credit card debt, as studies suggest that similar situations can have a negative impact on a person's health.
Credit card debt could pose a threat to a person's well-being
Bankruptcy: Studies suggest debt is an issue for all generations
According to recent studies, most individuals across the nation are currently dealing with some form of debt. Individuals in Oregon who are experiencing financial concerns may find some level of comfort in the fact they are not alone. However, simply knowing that others feel their pain does little to fix the issue, and should these challenges persist, one might find it helpful to speak to a bankruptcy attorney for guidance in pursuing relief.
Medical debt remains a constant concern for many in Oregon
A medical emergency can occur at any moment and could have a substantial impact on a person's health. When experiencing such an event, it may be necessary for a person in Oregon to seek treatment as soon as possible. Unfortunately, the extensive costs of treatment could leave many individuals fearing medical debt more than the threat a condition poses to their health.
Credit card debt: Distinguishing the good from the bad
In the debate of good debt versus bad, many individuals in Oregon or elsewhere may struggle to understand the difference between the two. In some cases, one may feel as though frequent use of a credit card can help to improve his or her credit score, provided payments never fall behind. However, this form of debt generally falls under the bad category, as it has been the source of financial troubles for many individuals over time.
What kind of property can I keep, and what will I lose?
After filing for Chapter 7 bankruptcy, you may be worried about having to turn over your possessions to a bankruptcy estate. Not all bankruptcy cases require property turnover. In fact, many Chapter 7 filers will not have to relinquish any possessions at all.
The impact rising interest rates can have on credit card balances
For many individuals in Oregon and elsewhere, debt may seem like a part of everyday life. Recent reports suggest that the average home carries credit card balances in excess of $15,000 alone. While these balances might not prove troublesome at the moment, with high interest rates that are expected to continue to rise, if individuals cannot find a way to reduce or eliminate balances, they could face significant financial challenges in the future.
