The holiday season is in full swing and for many residents in Tennessee, that means the holiday shopping season is in full swing. Unfortunately, the desire to show someone how much they mean has become attached to dollar values and that can lead some people to overspend at this time of year.
While building your credit score takes time and commitment to careful spending, ruining your credit and destroying your chances of getting help from lenders can happen in an instant. One of the most significant risk factors to hurting your credit is accumulating too much debt that you are unable to manage effectively. At Rothschild & Ausbrooks, PLLC, we have helped many people in Tennessee to become more educated about their options for managing debt.
Many Tennessee debtors may seek relief from crushing debt with credit counseling services. Credit counseling from a reputable organization is an alternative to bankruptcy that can help you manage your debt and get back on your feet.
If you are a longtime credit-card user in Nashville, you should have noticed a few changes in your billings as a result of the Credit Card Accountability and Disclosure Act, or Card Act, passed in 2009. No longer are you socked with substantial fees and interest-rate hikes for indiscretions such as making a late payment, going over the credit limit or carrying a balance on your card. In fact, there are several benefits to consumers from this law, many of which you may not be aware.
People in Tennessee who may have struggled with credit card debt know that trying to understand the various terms and conditions associated with these accounts can be very difficult. In fact, for some people, a lack of full understanding about how interest or fees are calculated and assessed may actually contribute to making one's debt problems worse. Therefore, it is important to be educated about these things to prevent further problems.
If you are one of the many residents in Tennessee who has struggled with high revolving credit card debt, you know the level of stress that can cause. You might be afraid to get your mail or email or to answer your phone due to fears that creditors are trying to get you to pay your bills that you are unable to pay. If you are thinking about bankruptcy as an alternative to help you get out from under this mound of debt, you may be then concerned about if you could ever get credit again.
The prevalence of consumer debt in America may prompt you to believe that you should avoid having credit cards altogether. Yet financial experts in Nashville do not typically discourage having credit cards (on the contrary, many actually recommend holding three or four for the credit benefits they offer alone). However, proper management is the key to enjoying the benefits that credit cards can provide. Yet there may come a time when funds are tight, and you may think that missing a monthly payment (with the intention of making it up the following month) is fine. This, however, prompts the question of what penalties a credit provider is allowed to assess for missed payments?
Your struggles with credit card debt might seem embarrassing, yet you should know that you are hardly the only one in Nashville dealing with such an issue. Indeed, information shared by NerdWallet shows that credit card debt climbed to $931 billion in 2017. Given your contribution to that total, you might be considering a debt consolidation loan. Yet is that really your best course of action?
As most Tennesseans are aware, credit card debt can accumulate in a short period of time, but can take years to pay off. While the spending may have been inevitable, the price one might pay for large amounts of debt can be costly. What are the main causes of debt in America, and how do consumers address this financial blow?
With the endless stream of weekly deals and the perfect products, overly frequent shopping can be all too tempting. While retail therapy can be cathartic to some degree, there can be too much of a good thing. Some Tennesseans struggle with crippling credit card debt as a result of this habit. Fortunately, there are some steps one can take to bring financial balance back to life again.