Credit card spending habits changed for many in 2020

The year 2020 will go down in history as one of the worst for many Tennessee residents. From lost jobs, serious health issues and the loss of loved ones, it has all been a lot for people to deal with. When life gets rough, people’s spending habits tend to change. This year, there has been a marked change in how people are using their credit cards.

The events of this year have caused people to take one of two approaches to their credit card use. Some are using them less and working on paying down debt, while others have been depending on them more to cover even their most basic needs. There is no right or wrong here. People do what they feel they must when times are tough.

According to a recently conducted survey, 38% of participants say that credit cards are the only way they are paying for things right now. A total of 29% of participants say they have increased their credit card use in the last couple of months — primarily due to financial need. The study also found that roughly 25% of Americans say that credit card debt is one of their major stressors right now.

Many Tennessee residents will have the ability to correct their debt situations by adjusting their spending habits and sticking to strict budgets. Others, however, may find they have too much credit card and other debts to recover without outside help — and that is okay. Debt relief options are available. Bankruptcy, for example, is just one of them. With the assistance of legal counsel, those individuals who need financial help can look at all forms of relief and determine the best way to turn their economic situations around.