Over the holidays, Chattanooga residents may have indulged in spending practices that are not normal for their lives. They may have bought gifts for their loved ones and friends, or they may have hosted extravagant parties with wine and food for the people that they care about. Some may have traveled great distances to be with the people who are important to them, and many may have spent more money than they intended to throughout the giving season.
Credit card debt can become a problem for a Tennessee resident in the blink of an eye. The loss of a job or an unexpected medical bill can send a person of comfortable financial means into a tailspin of debt, penalties, and unpaid balances. When credit card debt takes hold of a person's life, they may be prepared to take drastic means to satisfy it.
It is almost impossible to find someone who does not have at least one credit card in their wallet. While some Tennessee residents hold credit accounts with their favorite retailers so that they can get offers and deals through their cards, others have credit cards so that they can shop online without tying their checking accounts to their transactions. Credit cards are pervasive and in some cases their use can land consumers in a world of painful credit card debt.
When a Tennessee resident receives a statement from their credit card company, that statement will outline what purchases the individual has made with their card in the prior month, what costs have carried over from prior months of purchasing and what minimum payment the individual needs to make to avoid penalties on the account. While some people choose to pay off their credit card bills each month in full, others are not able to do so and just pay the minimums to keep their accounts open and available for additional spending.
If Tennessee residents can believe it, the holiday season has now arrived. It seems as though as soon as the last trick-or-treater got home with their bag of candy televisions across the nation were bombarded with advertisements for gift-giving, holiday-themed meals and other winter festivities. As the holidays approach, more and more people may slip into a problem that plagues many throughout the year: credit card debt.
For most people, credit card bills become due once every month. A Tennessee resident may be able to pay off the entire balance of their credit card bill and bring their outstanding obligation down to zero. Another person may not have the savings to pay their bill in full and may only be able to pay off the minimum of what their creditor says they owe.
When a Chattanooga resident secures a new credit card they are provided with a wealth of information about how the card may be used and how fees and other costs may attach to the user's account. They are told what their card limit is and how much interest they will be assessed if they fail to make full payments on their monthly account balances. This information is important and can have a significant impact on the card holder's financial health if credit card debt becomes an issue.
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.
From Seattle to the District of Columbia, Detroit to San Antonio, Americans from all parts of the nation struggle with credit card debt. This fact may not offer Tennessee residents fighting with the burdens of high credit card balances and interest rates a lot of solace, but it should let them recognize that their problems are not unique. Credit cards can be important financial tools for many but can also lead some down the path of financial ruin.
According to a recent survey Americans complied more than $1,000 per shopper in debt over the holidays and most of those individuals did not plan to incur debts from their winter-month purchases. Chattanooga residents who are suffering from this financial crush should know that there are some debt relief strategies that they may employ on their own before they begin exploring other legal options for getting out from under their financial burdens.