It is not a surprise that money problems are stressful. Most people understand that stress can cause health problems. However, some Eugene residents may not understand the scope of the damage that can be caused by the extreme stress that comes from unemployment, insurmountable debt, home or car repossession or any number of serious financial challenges.
With the Great Recession nearly a distant memory, many people have begun to recover from financial challenges and are braving credit cards and other loans again. It can be good for Eugene residents to borrow in some cases. In other cases, this can lead to renewed financial woes. Credit card debt is especially challenging and can be difficult to recover from.
While what is termed as the Great Recession of a few years ago is reportedly gone, that does not mean that financial challenges have completely vanished. Many an Oregon resident continues to struggle to wipe out credit card debt or consider bankruptcy as a means to get a fresh financial start. Consumers will always need to balance income with expenses and factors like unemployment, divorce and unexpected medical costs can make that difficult.
Consumers in Oregon and around the country can become involved in serious situations when debt collection activities go too far. Many credit card companies have been known to or suspected of using inappropriate means to recoup monies owed to them by debtors. Unfair practices for collecting consumer debt can make financial challenges for already-strapped debtors even worse. Many people can feel unsure of where to turn in the face of severe creditor harassment.
Oregon consumers facing high debt may often feel they have nowhere to turn and can be unsure of their options. Concerns about filing for bankruptcy can often make them seek out other solutions that may actually cause more harm than good down the road. A Chapter 7 bankruptcy can often help eliminate creditor harassment, credit card debt and the financial challenges associated with high interest credit cards.
Many factors can affect a person’s financial health or challenges. Loss of employment, unexpected medical expenses, divorce and more are among some of the most common situations that negatively impact Oregon consumers’ ability to remain financially solvent. In tough times, many people can rely on credit to get by. That can be helpful but it can also lead to serious credit card debt. If not well managed, this too can become a source of difficulty.
Consumers throughout the United States and in Oregon can still feel the pain of the recent recession. The housing bubble, a national banking crisis, high unemployment and high levels of credit card debt among consumers were some of the key contributing factors to this challenging time. People everywhere struggled to figure out the best way to handle their debt levels from credit counseling to bankruptcy and more.
Consumer debt levels and types are often used to measure overall consumer confidence and the health of the economy to some point. This is true both in Oregon and nationally. When people are more confident, they can be more willing to take on new debt. While this can be a good thing, too much credit card debt can eventually be problematic and leave some debtors facing creditor harassment and other financial challenges.
Debt collection activities can cause great stress and challenges for Oregon consumers. Credit card companies or other businesses can aggressively pursue debtors who cannot afford minimum payments or who are behind on some bills. Many people who face severe creditor harassment may not always know how to get help with either the collection actions or the debts involved.
Consumers in Oregon and around the United States continue to struggle with piles of debt even as the economy improves. For people who cannot afford minimum payments or are behind on regular monthly payments, the need for help to get things back on a better financial track is real. The best solution for one person is not likely to be the same as for another as every person’s circumstances are unique.