Credit cards can be useful when you need to make a big purchase and don’t quite have enough savings set aside. However, it’s vital that you only take on what you can definitely afford to pay back, otherwise credit cards can become a serious burden financially.
There is a stigma behind debt, but the truth is that millions of Americans are currently struggling to get by through no fault of their own. There is usually far more to being in debt than careless spending practices. Outlined below are some of the more common causes of credit card debt.
Medical costs
The doctor has informed you that you need an operation to survive, or at least to live a comfortable life. The trouble is, this procedure will cost thousands of dollars which you do not have. You could use your credit card but will it be feasible to pay the money back? If you’re left with a choice of getting into debt or surviving, you certainly cannot be blamed for choosing the latter.
Changes in family circumstances
The average divorce in America costs over $20,000. You have to pay for legal representation, you’ve got to take time off of work and you’re also going to lose half of your household income. All of this is on top of distributing your hard-earned assets with your ex. It’s not uncommon for people to utilize their credit cards to help relieve some of this pressure. The trouble is, this pressure can return once the orders for repayments start coming in.
If you are in substantial debt, there are numerous options open to you. Seeking legal guidance will allow you to go over these possibilities and make a choice that is right for you.
