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Credit Card Debt Archives

Primary factors that contribute to credit card debt

Most New York residents have at least one credit card. After all, these convenient cards can be used almost anywhere in the U.S. and are an easy, simple way of paying for things instead of carrying around loads of cash or having to write out checks. But because of their frequent and sometimes improper use, many people suffer from credit card debt as well. Here are some contributing factors.

How can you prevent credit card debt?

New York residents just like you may have fallen into credit card debt before. It can unfortunately be easy to make mistakes that land you in financial hot water. However, getting out of debt isn't enough. Once you've freed yourself from debt, you have to then create the habits necessary to keep you from falling back into it again.

Financial challenges and disclosures debt collectors must make


Long Islanders who are facing financial challenges and might be dealing with delinquent payments on their credit cards will have a lot to consider as they seek out options. While they are in the process of straightening out their finances, a frequent concern is that there will be a series of phone calls, letters and emails trying to collect on the debt. After a certain period, many companies will sell the debt to a third party. That third party will then try to collect the debt. There are certain laws that these collectors must follow. Unfortunately, some flout these laws or push them to the brink and end up committing creditor harassment. Understanding what disclosures these collectors are required to provide is essential for the debtor to avoid being harassed.

Are balance transfers a good way to address credit card debt?


There are millions of Americans who are dealing with credit card debt. While some of these individuals and families may just focus on paying the minimum monthly payment, there are many who are doing their best to address this debt issue and find healthy financial solutions. For some, part of the solution might be to transfer the balance of one credit card with a high interest rate to another credit card with a lower interest rate. This is known as a "balance transfer."

Addressing credit card debt with a bankruptcy filing


Many people in New York are able to make their monthly credit card payments, even as they carry thousands of dollars in balances on the cards. Maybe they think that they will be in a better financial position to make a full effort to repay the debt later on down the line, perhaps after getting a salary increase or finding a better paying job. In the meantime, they continue to use credit cards for purchases and make every effort to make the minimum payments each month.

$1 trillion in credit card debt in America


There are many different indicators that economists keep track of to measure the so-called "health" of the national economy. Credit card debt is one such indicator. And, according to a recent report, the overall amount of credit card debt in America has topped $1 trillion for the first time in almost 10 years. But, is this a good thing or a bad thing?

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