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Credit Card Debt Archives

Are there any downsides to consolidating my debt?

If you live in Nashville and have a lot of credit card debt, it may seem like paying off your accounts is a hopeless situation. While there are a number of solutions available, a popular one that many people turn to is debt consolidation. While this option can be beneficial and save you money over time, there is one huge downside. Consolidating your existing debt does not fix your financial situation, nor does it stop you from incurring more debt on top of the new loan.

Credit card basics: what every consumer should know

Credit cards are widely available these days to anyone who lives in the Nashville area. While millions of people use their credit cards frequently, not everyone has a full understanding of how they work. Credit card use has been on the rise over the last several years, reports CNBC. Credit accounts have reached over $1 trillion, making it a significant part of the debt load held by households throughout the country. Whether just starting out using credit or recovering from past financial struggles, having some basic knowledge about how credit card companies function can go a long way toward preventing future trouble.

What the Federal Reserve interest hike means for consumers

People in Nashville use credit cards for all types of reasons. For some, it is the only way they can afford big purchases such as new appliances, while for others with low incomes using credit can help them with their everyday expenses. Anytime a credit card balance is not paid off at the end of the month, the user ends up being charged interest on any remaining amounts.

What to know about credit card charge-offs

People who are struggling financially in Nashville may find themselves behind on paying certain bills. Since credit cards are considered unsecured debt, meaning there is no collateral tied to it like there is for something such as a mortgage or car loan, they often become one of the first payments that people stop making. When a credit account goes unpaid for a certain period of time, the creditor may charge off the account, according to the Balance.

The role of rewards in the rise of credit card debt

Consumers in Nashville may use credit cards for many different reasons. With the number of card offers out there these days, there is certainly no shortage of types of cards to choose from. The average amount of household credit card debt is on the rise, according to CNBC, and has now reached over $1 trillion. Some are now asking whether efforts by credit lenders to lure consumers in with attractive rewards programs are contributing to this increase.

Don't get swept up in credit card trends and rewards

If you are like 171 million other Americans, you have at least one credit card. In fact, chances are that you have at least a couple credit cards you use. According to recent reports, the number of credit cards accounts is growing quickly, and people are carrying higher balances on these cards than in recent years.

Will I be able to qualify for a credit card if I am unemployed?

If you live in Tennessee and are having financial troubles, you may feel discouraged. People struggle to pay their bills for all sorts of reasons. When money is tight, credit cards can be a useful tool to make essential purchases. However, if you are unemployed, you may be worried that companies will not be willing to extend you credit.

Amount of nationwide credit card debt is highest in a decade

There are a variety of reasons why people in Davidson open credit card accounts. While some people are able to pay off their monthly balances, others are less fortunate. For those who do end up owing a lot of money on their credit cards, the situation can be overwhelming and embarrassing. However, this problem may be more common that some people might think.

Emotional spending causes financial trouble for some

People in Davidson may go into credit card debt for a variety of reasons. Some purchases are essential, such as paying to fix a broken car or replacing a household appliance. Others may seem important at the time but in the long run are probably unnecessary. Those such purchases are often driven by emotion. One study found that emotional spending is actually a more widespread problem than most people might think.

What is the best strategy to pay down my debts?

When you are living with a lot of sources of debt in Tennessee, the thought of paying them all off can seem overwhelming. Paying only the minimum amounts due means that it can take years to ever dwindle those balances down. In order to ever successfully become debt-free, it is important to have a strategy for paying off your accounts in full. While it may depend to some extent on your personality, research has shown that one method is superior for most people.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

Toll Free: 866-656-8909
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