Most adults in Tennessee and beyond have experienced a fluctuation in personal economic status at different stages in life. Some years may have been financially abundant while others were leaner. Fighting to stay financially afloat is a struggle with which many people are familiar, especially regarding credit card debt.
A person might have an unexpected medical emergency that he or she is not prepared to meet. Someone could lose a job or have his or her income reduced. Such issues can quickly cause financial crisis, which can affect many aspects in life.
Credit card debt often sparks marital problems
If spouses often disagree about money issues, it might cause stress in a relationship. If one spouse blames the other for running up a high amount of credit card debt, the contention it causes can put a serious strain on a marriage.
Not making payments can cause a credit score to plummet
Falling behind in credit card payments can have several negative financial effects. It can cause interest rates to soar, resulting in more debt. It can also cause someone to lose points on his or her credit rating.
Debt can affect your physical and mental health
Being in a state of financial crisis might trigger “comfort food habits,” which can have adverse health effects. Constantly thinking about finances and worrying over how to pay back debt can cause severe mental health strain, as well.
Never hesitate to explore debt relief options
It’s understandable that a person might not want to divulge private financial information to family and friends. However, there may be options available to help eliminate credit card debt that he or she may not be aware due to hesitation to reach out for additional support.
It’s often possible to restructure a payment plan or to take advantage of valuable financial tools, such as certain types of bankruptcy, that might help get things back on track and lay the groundwork for a stronger financial future.