Constantly dealing with an overwhelming amount of debt can leave you suffering from a lesser quality of life for extended periods. Unfortunately, financial hardships are a concern for many individuals, and while you may take comfort in the fact you aren't alone in this struggle, this knowledge may do little to rectify your situation.
In your search for financial relief, it may seem easy to turn to additional lines of credit for assistance, such as credit cards. However, the aid provided by a similar means is generally short-lived, and with high interest rates on such accounts, such a decision may only add to your monetary woes.
Credit card uses that could spell trouble
While using a credit card for everyday needs can cause a balance to add up quickly, if you are able to pay the balance in full by the due date, such uses might be entirely uneventful. However, using a similar form of credit to fund certain life events could prove detrimental to your financial future, and some examples of such endeavors may include the following:
- Medical needs: Whether for a medical emergency, or to pay for scheduled visits, using a credit card for medical bills is never advisable. Both medical expenses and credit cards are two of the leading causes of personal debt and together they can be a dangerous combination.
- Special occasions: Although you might want to go all out for special occasions such as a wedding or vacation, adding the price of such an event to your credit card balance could leave you paying for it for years to come.
- Funding the holidays: The feeling of providing your loved ones with every gift they wish for and more during the holidays may be exceedingly gratifying, but this feeling may subside once you receive your next statement.
At the time, a credit card might have enabled you to pay for an endeavor you might otherwise have been incapable of funding. However, with high interest rates on such accounts, the price may end up being more than you bargained for, and the resulting financial challenges could leave you in search of relief.
Pursuing debt relief
Similar forms of debt can be financially draining, and if you are constantly unable to keep up with monetary obligations, it may seem like there is no light at the end of the financial tunnel. However, by speaking with someone who is knowledgeable in federal and Tennessee state bankruptcy laws, you could obtain guidance on the options that are available. Obtaining guidance on each outlet, as well as their respective outcomes, may help you become better prepared to pursue relief from debts and move toward a healthier financial future.