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Simon, Fitzgerald, Cooke, Reed and Welch
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The connection between unemployment and high credit card debt

In Louisiana and throughout the nation, many households contain one or more adults who are out of a job. Some were unexpectedly let go when their employers determined a need to cut costs; others lost their positions when the companies they worked for restructured and consolidated departments. While employment analysts say the future looks bright for America, the current rate of unemployment continues to take its toll, which, unfortunately, often leads to high credit card debt for many out-of-work consumers.  

It's not only unemployed people who rack up credit card debt. Many dual income families suffer serious financial crises when unforeseen issues arise that cost them more funds than they have on hand, such as medical emergencies or other urgent matters. Most people intend to use their credit cards as temporary means to meet expenses, but they often run into trouble when trying to pay off their balances every month.  

The good news is that there are often debt relief options available for those unable to get their financial trains back on the tracks after serious derailments. For some, the solution lies in filing for bankruptcy. There are several types, and not everyone qualifies, so it's critical to learn about eligibility requirements before trying to determine a course of action.  

If your credit card debt has gotten out of hand and you see no way to overcome your financial obstacles in the near future, you can request a meeting with an experienced Louisiana debt relief attorney to discuss possible ways to resolve your financial problems. Keep in mind that most financial crises are temporary. With skilled guidance and a well-designed plan, a presently dismal financial situation may be turned toward a brighter future. 

Source: americanbanker.com, "Credit card use at all-time high, and debt highest in years", Penny Crosman, May 8, 2018

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