4th quarter spending may leave many with credit card debt

There are a variety of circumstances in which a person in Tennessee may experience the burdens of dealing with substantial amounts of debt. However, certain areas tend to be more troublesome than others, and many individuals have faced financial struggles due to credit card debt. With reports suggesting that individuals across the nation piled on more than $90 billion in credit card bills in the previous year alone, such monetary issues may be more common than expected.

Reports suggest that a significant portion of credit card usage over this period took place solely in the fourth quarter of the year. This may come as little surprise, as many individuals turn to similar lines of credit to purchase gifts for loved ones over the holiday season. However, many of those surveyed admitted they also used their credit cards to seek medical attention.

Whether to fund a special occasion, or for assistance with day to day expenses, many have turned to credit cards for relief in times of financial trouble. While the aid provided by similar lines of credit could be immediate, it may only act as a temporary fix, and may even cause a person to experience deeper financial concerns in the future. With ever-increasing interest rates, those who carry constant balances on credit cards may only continue to experience monetary hardships.

Those who suffer due to overwhelming amounts of credit card debt may wish to pursue financial relief, but with numerous available options, they may be uncertain how best to achieve this goal. For advice on choosing a path for relief, a person in Tennessee could consult with an experienced attorney. An attorney can evaluate a client’s situation and provide guidance on how to reduce or eliminate debts and pursue a healthier financial future.

Source: yahoo.com, “Credit card debt has now reached pre-recession levels“, Brittany Jones-Cooper, March 8, 2018