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Credit Card Debt Archives

Missed credit card payments lead to more fees and penalties

Families in Oregon have many demands on their income. A credit card debt analyst at NerdWallet explained that the rising costs of housing, food and health care continue to strain budgets and sometimes lead to missed credit card payments. Research from the Federal Reserve Bank revealed that in 2017 people paid other debts, like mortgages and student loans, before their credit card bills. When money gets tight, people will skip payments on their credit cards.

Credit card debt again on the rise

Many people in Oregon are struggling with excessive credit card debt. The financial shock to the economy in 2008 did not make long-term changes to how people handle their finances, especially once people went back to work if unemployed and started to bring in larger paychecks. While household debt across the country declined between 2008 and 2013, it has gone up significantly since then to reach an all-time high of $13.2 trillion in the first quarter of 2018. With low interest rates, people are, on average, better able to manage debt, but unexpected changes can be devastating to a person's ability to manage their finances.

Preventing credit card debt by avoiding certain transactions

Consumers in Oregon and elsewhere may use credit cards to fund a variety of financial transactions. While making smaller purchases on credit accounts might seem harmless, these purchases can add up quickly if a person isn't careful. However, while a person can amass high amounts of credit card debt under a variety of circumstances, financial experts suggest that there could be consequences to placing certain purchases on similar accounts.

Practicing caution when using a credit card as a financial tool

Many individuals in Oregon and elsewhere consider it essential to cultivate and maintain a positive financial future. While working toward improving one's credit score, there may be several available options to assist in the process, one of which is a credit card. Those who wish to make use of a credit card may find it advisable to gain an understanding of how to use one responsibly, and where to seek guidance should financial issues arise.

Understanding the potential consequences of dealing with debt

Substantial financial concerns can leave individuals in Oregon and elsewhere uncertain about the future. Those that are struggling with high amounts of debt may also feel crushed under the weight of the constant collection calls and letters. In addition to the stress debt can bring, a person may also have concerns about what will happen if he or she is consistently unable to keep up with monetary obligations.

Taking steps to cut down on or eliminate credit card debt

Many individuals in Oregon and across the nation may use credit cards for a variety of reasons each day. While at the time, the rewards involved in using a credit card may seem enticing, keeping up with monthly payments could become difficult as balances continue to rise. For individuals who struggle due to significant amounts of credit card debt, knowing the steps to take to help reduce or eliminate debts could be essential to protecting their finances.

Credit card debt remains an issue as balances continue to rise

Debt can come in a variety of forms and fashions, each of which could have a significant impact on a person's life. With credit card purchases over the past year reaching levels that go beyond those present prior to the Great Recession, many individuals in Oregon may be experiencing trouble keeping up with monthly payments. Those who struggle under the weight of credit card debt may wish to pursue relief, but with little experience in the area, they might be unaware of the options that are available.

Credit card debt could pose a threat to a person's well-being

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: 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.

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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.

The Law Office of Kim Covington

The Law Office of Kim Covington
1445 Willamette Street, Suite 9
Eugene, OR 97401

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Phone: 541-393-2790
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