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Home 9 Bankruptcy 9 Has your credit card balance thrown your finances off-track?

Has your credit card balance thrown your finances off-track?

by | May 3, 2019 | Bankruptcy

Credit cards provide convenience to consumers in many ways. If you’ve recently purchased a big-ticket item such as a car or vacation property, you may have used your credit card in the transaction. Wisconsin residents, like those in other states, understand that the global and national economies can greatly affect their personal financial portfolios.

In short, when times are tough, many people resort to using their credit card to help meet their expenses. Shopping on credit typically involves an intention to pay off the balance before the pay cycle ends. However, if you’re having trouble doing that and it has prompted a serious financial crisis, you might want to explore your debt relief options, including but not limited to bankruptcy.

Issues regarding high credit card debt

If you’re between the ages of 45 and 54, you’re at risk for high credit card debt. In fact, you may relate to these issues included in the following list:

  • Using credit as cash: If you’re at the store and don’t have cash with you, it’s easy to simply swipe your credit card. However, if you forget to pay off the debt, it can easily lead to a serious financial problem. 
  • Debt existing alongside monthly payments: Even if you make a payment toward your credit card balance each month, it might not be enough to satisfy the entire debt. Most credit card holders in the U.S. carry approximately $6,000 in debt on their cards every month. 
  • Extenuating circumstances: Perhaps you just paid off your balance and someone in your household had a medical emergency or financial need that prompted you to use your card again. Using credit cards to pay bills and meet daily living expenses can lead to serious financial crisis. 
  • Poor spending habits: It’s logical to assume that living beyond one’s means might eventually lead to financial problems. People spending more than they are earning is a common cause of high credit card debt in Wisconsin and beyond.

If you’re currently facing serious credit card debt or financial problems that you don’t feel equipped to resolve on your own, you’re definitely not alone in your struggle. In fact, you’d be hard-pressed to find someone in your community who hasn’t, at some point, encountered financial challenges in life.

The good news

Most financial crises are temporary. You may have options available to help you get things back on track. While many people hesitate to explore the various types of bankruptcy that exist, others have found that this is often the best way to obtain immediate debt relief and to lay the groundwork for a stronger financial future.

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