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Late payments can impact outstanding credit card debt

Making purchases on credit cards is alarmingly easy for many Tennessee residents. This is because when a person swipes their credit card or inserts it into a card reader, they do not see their money leaving their wallet. When they use a credit card, far away an electronic transaction makes a note that the spender will, at a later time, owe their credit card lender a certain amount of money for the purchase they just made.

However, the more a person spends on a credit card, the more that they will have due to their credit card company when their bill arrives. A consumer may discover purchases that they forgot making as they tabulate the magnitude of their bill and contemplate how they will pay it. While some people may elect to only make the minimum payment on their bill and save their balance for another time, others may elect to not pay their bill on time and to hold off until a later date.

Making late credit card payments is not a very advisable move. This is because most credit card companies impose fees on consumers who do not pay at least the minimums on their bills by the dates stipulated in their credit card statements. As such, a consumer with a credit card balance may see that balance rise when late fees attach for their missed payments.

Credit card debt can be a difficult financial problem to manage, but consumers often have options for taking control. They may find it useful to consult with attorneys who work in the bankruptcy and debt relief fields of law to learn more about what they may be able to do to remedy their credit card woes.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-954-7180
Phone: 423-624-4002
Fax: 423-624-0509
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