Now that we are well into the holiday season, people all across Wisconsin are scrambling to get many things done. There are events to attend, gifts to buy and trips to take. While the logistical complications of all these tasks can be hard enough, it is the financial obligations that come along with them that can put people over the edge.
There is a lot of pressure to spend money during the holidays and unfortunately, this pressure leads people to make some financial decisions they may not make during other times of the year. One such decision can be to start charging much more than you expected to on credit cards.
Spending money with a credit card can be quite easy. You may charge purchases with the intention to pay it off as soon as possible. However, many people fail to do this for a number of reasons, which is why so many people in Wisconsin carry some amount of credit card debt.
To begin with you can find yourself unable to make payments regularly due to unexpected financial situations. This can happen when people lose their jobs, get divorced or take on medical debt. Credit card payments can get pushed to the back of the line when a person needs to instead pay off hospital bills or avoid missing a mortgage payment.
However, because of the financial pressures of the holiday, you may keep spending without making any payments.
It can also be easy to fall victim to marketing ploys designed to increase credit card spending during the holidays. One such tactic is to make it seem as though a personal loan is an excellent short-term solution. As noted in this article on NerdWallet.com, banks and credit unions may offer holiday-themed loans that allow people to spend money they may not have right away. Unfortunately, consumers can then be slammed with huge interest rates later on.
These factors can make it impossible to keep up with credit card payments after the holidays have passed, which can lead to mounting fees and penalties. If you are worried about credit card debt and your options for debt relief, it can be wise to discuss your legal options with an attorney.
