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.
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.
High debt of any sort can be extremely troubling for residents in Oregon. The cause of financially challenging times can range from unemployment to unmanageable credit card debt and more. Medical conditions can also exacerbate situations and force people to rely on credit cards or other forms of unsecured debt for even basic living needs. Consideration of Chapter 7 or Chapter 13 bankruptcy often becomes one way that debtors look for help in these situations.
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.
Even before the recent recession, many people in Oregon and throughout the country struggled with debt. From credit card debt to medical expenses or tax bills and more, there is no end to the type of debt which can cause serious problems for consumers. Some people try to decide if working to keep paying off debt or if filing for bankruptcy is the better option. There is no one-size-fits-all answer for that as each situation is completely unique.
Oregonians, like their counterparts in other states, have felt the financial challenges of the recent years. While our nation continues to struggle to recover from the latest recession, individual citizens remain committed to repairing their financial health as well. For some people, concerns about credit card debt are at the top of their list for what areas they wish to focus on in this New Year.
In a recent post we offered tips to reduce credit card debt during the holiday shopping season. Still, there will be many people in Lane County who using plastic to purchase all of the gifts, goodies and gadgets on their list, confident that they will have enough money in the coming months to pay the balance down. Statistics show that consumers in Oregon and the rest of the nation are spending more for the first time in a long while.
With the holidays just around the corner, many Americans will be incurring more credit card debt buying gifts and gadgets at deeply discounted prices. No matter how low the sales price, however, it isn’t a good deal if you will be paying interest on your purchase for the next year. Instead, we urge our readers in Lane County who are struggling with credit card debt to resist using plastic to pay for holiday presents and use some of that holiday bonus to buy gifts; the rest can be used to pay down the balance.