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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
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credit card debt Archives

Credit card debt: Will filing bankruptcy lead to unemployment?

If you are one of many Louisiana residents who own a credit card, you may be also relate to those who have at some point carried a higher-than-preferred monthly balance. In fact, many people own more than one credit card, and any number of life issues may lead to serious credit card debt. Filing for bankruptcy is often a debt relief solution; however, some people hesitate to implement it because they fear they will be fired from their jobs or will not be able to obtain future employment, rent a home or will otherwise be outcast because of their financial situations.  

When credit card debt gets out of hand

There are many Louisiana residents currently facing financial challenges due to mounting medical bills. Others have lost their jobs and are struggling to make ends meet. In either situation, it is not uncommon for people to rely on using credit to pay expenses. This often makes matters worse in the long run when credit card debt skyrockets.  

Credit card debt: Issues that often lead to financial crisis

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.  

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.  

When credit card debt threatens financial stability

Many financial analysts have written books on budgeting and how to build a savings account. There's also no shortage of writings concerning credit card debt and how to avoid major financial complications. No matter how often such topics hit book shelves in Louisiana or the internet, there's little to no chance that financial crisis will ever be completely eradicated.  

Getting back on track when credit card debt is unmanageable

You'd likely be hard-pressed to find a Louisiana resident who hasn't encountered financial difficulties at some point in life. Economies fluctuate as do personal finances, as well as employment situations and other life dynamics that can quickly impact a financial status in positive or negative ways. Many people who have experienced money woes say it was credit card debt that tipped the scales in the wrong direction.

Credit card debt doesn't have to mean permanent financial ruin

It's understandable that even a moderately serious financial crisis can cause a homeowner to worry. In fact, many Louisiana residents are currently facing such problems. Some are no doubt hoping to have favorable tax seasons in order to use their refunds to pay off credit card debt. Recovering after a major financial setback is much easier if the person involved knows where to turn for support ahead of time.

Is balance transfer a good option for major credit card debt?

When spending outweighs income, it can lead to serious financial crisis. Many people in Louisiana are currently knee-deep in credit card debt, but they are definitely not alone in their struggle as thousands of consumers throughout the nation can relate. In fact, available data shows the average household in the United States likely carries more than $15,000 in credit debt.

Many Generation Xers are currently facing credit card debt

Those born in between the mid 1960s through the late 1970s are part of the age group known as Generation X. Often described as directionless or navigating their way through life without purpose or particular focus, many Gen Xers in Louisiana and elsewhere would likely take offense to such stereotypes. There is one thing that a lot of people born in this particular era seem to have in common, however, and that is substantial credit card debt.

Support available for those facing credit card debt problems

It's not uncommon to fall upon difficult financial times at some point in life. In fact, most Louisiana residents would likely say they have overcome a significant challenge or two in their lifetimes. One of the most pervasive problems facing many people today relates to finances and, more specifically, credit card debt. Owing too much on credit cards can threaten your overall financial stability and lifestyle.

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