Mark T. Young & Associates
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423-933-1606
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888-376-0282
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Posts tagged "minimum payments"

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.

Find a way to manage your debt

There are very few Tennessee residents that have not had to use a credit card at some point in their lives. Everyone can fall on hard financial times and gets stuck using credit to buy essentials. When the economy turned south, many people wound up only be able to afford the minimum balance. Unemployment, high cost of living and plummeting home values have all contributed to the crisis.

Chapters 7 and 13 bankruptcy can help with credit card debt

Credit card debt can be scary. Those who relied on them in a time of need can quickly be subjected to creditor harassment and even wage garnishment. In many cases, these debtors had no choice but to turn to credit cards. Unemployment, a sudden decrease in wages, a new medical condition, or another unexpected life event can leave them strapped for cash with nowhere to turn but their plastic. Though they may not have had an option in doing so, they do have options when it comes to finding debt relief.

Less credit card debt paid off last quarter than during recession

As the economy seems to be slowly gaining traction, it may be easy to think that the debt load of people in Tennessee and around the country is getting lighter. This positive feeling can be buttressed by the fact that Americans paid off $32.5 billion in credit card debt last quarter. However, though that number may be impressive, that figure is less than the amount of credit card debt that was paid off by Americans at the end of the recession. In fact, Americans are expected to collectively accumulate $42 billion more in credit card debt by the end of this year compared to last year.

How credit card debt can impact a credit score

Many life events can cause Tennessee residents to fall behind on their credit card payments. The holidays can be a time of overindulgence and high bills for some. Others may run up large bills, while on vacation. Many people find themselves in over their heads with credit card debt when emergencies, such as accidents, cause them to quickly buy new cars or pay off medical bills.

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

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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