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Understanding credit card debt

Credit card debt can be a serious issue for many New Jersey residents. In a society where immediate gratification and keeping up with the Joneses is a common practice, putting purchases on credit can lead consumers down a dangerous path of severe and seemingly endless debt that can negatively influence finances, credit scores and unfortunately, lifestyle quality.

Credit cards may seem alluring with their initial low interest rates, high spending limits or reward programs, but a consumer may eventually find himself or herself floundering to make payments each month as accruing interest sends the balance soaring. If a minimum payment is missed, not only can the interest rate skyrocket, but a person's credit score can be significantly affected and can have an impact on qualifying for a mortgage or personal loan needed later on.

There are several methods that can allow an individual to get some relief from burdensome credit card debt. Well-known options for curtailing an increasing credit card balance include making payments that exceed the minimum requirement and consolidating high interest balances to a credit card or personal loan that has a low interest rate. A considerable difference can also be made by individuals who reconsider their purchases and rein in their spending habits.

Getting out of credit card debt can bring much needed relief to a struggling household and allow more wiggle room in monthly finances. A person who has attempted to get himself or herself out of debt but still has a growing balance or receives embarrassing collections phone calls and letters may consider speaking to an attorney. An attorney can guide debtors through their options, including any possible settlements that can be made with a creditor and provide a better understanding of the bankruptcy process and what declaring bankruptcy can mean to their specific financial situation.

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Markowitz & O'Donnell, LLP
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