If you’re like many Tennessee residents, you probably don’t carry around a lot of cash. In fact, you might rarely shop with cash nowadays. It’s not uncommon for people to make the most of their purchases by using a credit card, whether online or in person. Finances can get out of whack, however, if you’re shopping on credit and not paying off your balance each month. In fact, credit card debt is becoming a problem in many households throughout the country.
High interest rates and other issues can cause an otherwise benign financial situation to quickly escalate. As long as you know what options are available to help you get things back on track, as well as where to turn for additional support as needed, you may be able to find a swift solution if a financial crisis hits home. Filing for bankruptcy, for instance, is a valuable financial tool that many people have used to wipe the slate clean and start fresh when their finances are out of control.
Issues that often lead to credit card debt
A rising credit card balance is not always the result of your shopping habits. Many people encounter serious credit card debt when unexpected bills arise that they are not prepared to meet, such as medical bills, car repairs, tax increases or other issues. If you’ve ever used a credit card to cover such expenses, you can no doubt relate to how quickly a credit card balance can rise.
Debt relief support is available
Facing a financial crisis is stressful, especially if you’re at risk for losing your home to foreclosure. When credit card debt has gotten out of hand, it’s understandable that you might be in need of immediate debt relief. At Richard Banks & Associates, in Tennessee, you can schedule a consultation to discuss options for a solution, such as Chapter 7 or Chapter 13 bankruptcy, which are often used to pay off debts and lay the groundwork for a strong financial future.