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Tips on avoiding and putting a stop to credit card debt

Most people in the Chattanooga area are probably aware that credit cards are easily accessible today. As soon as a person turns 18, credit card offers can start to overwhelm their mailbox. Credit cards are a healthy part of building credit, but if used inappropriately, can be a source of thousands of dollars of unmanageable debt. We have listed a few ways to use credit cards in a financially responsible way and how to avoid using them in ways that can lead to problems.

The biggest way to avoid major credit card debt is to only spend what you can afford. It is recommended to pay the balance in full every month. This ensures that you aren't living outside of your means and charging what you can't afford. Cash advances are often a poor use of your credit as they are usually associated with high fees. When a balance becomes too large to pay off and only minimum payments are being made, this can result in long- term debt.

Long-term debt accrued through credit cards can become a real problem. Sometimes the debt is so overwhelming that a person may consider bankruptcy. Bankruptcy can release you from the hold that debt has over you and your life and offer a fresh start. Once you are debt free you will be able to practice healthy credit card spending habits such as creating a budget and paying your bills on time. This will help to build your credit back up to where you want it to be.

If you are suffering from debt, you are not alone. There are options available to help you consolidate your debt and return to a normal life. Each case of debt is assessed on a case by case basis and a course of action will be determined by the specifics of each personal financial situation. Credit cards can be a large source of personal debt but can be used in a healthy way.

Source: FindLaw, "Avoiding Debt: Credit Card Do's and Don'ts," Accessed April 20, 2015

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
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