Nowadays, one needn’t look beyond one’s own circle of family and friends to find at least one person who has experienced significant financial challenges in life. In fact, most Louisiana residents can say they have gone through financial difficulties at some point. Even seemingly minor money problems can escalate if left unresolved for too long. Credit card debt is often an underlying cause of serious financial crisis.  

In order to determine a best course of action if a major problem arises that involves this type of debt, it helps to analyze the most common issues that cause it in the first place. Underemployment is a causal factor in many personal crises that include credit card debt. It’s good to have a job, but it can be a big problem if a particular job does not pay enough to make ends meet. 

Some people compensate by obtaining side jobs in addition to their main sources of employment. Then again, there are those who have well-paying jobs but still suffer major credit card debt due to bad habits they develop, such as gambling or using credit as cash. A high percentage of people throughout the nation say that medical expenses are the main reason they have fallen upon hard times financially. It is not uncommon for people to use their credit cards to pay their medical bills.  

Divorce is also a common cause of monetary problems, including substantial credit card debt. In fact, Louisiana residents considering filing for divorce may want to review their finances and, if necessary, seek debt relief counsel beforehand. The good news is that most of these kinds of problems are temporary, and there are often several viable options available for getting things back on track when they veer off course.