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Posts tagged "credit card debt"

Retail credit cards may trap unwary consumers

Virtually every inhabitant of Rockland County has received at least one offer of a retail credit card - that is, a credit card offered by a retailer instead of a bank. While the cards offer certain advantages, they now come with very high interest rates, some higher than 30 percent per annum. People who accept these offers often find themselves faced with a mountain of credit card debt after a few years of use.

We help New Yorkers struggling under credit card debt

As a previous post on this blog discussed, credit card companies offer all kinds of incentives to get New Yorkers to sign up for and then use their credit cards. In addition to "zero interest" purchases, companies also offer cash back incentives, travel rewards and other goodies that are in fact wonderful deals so long as people pay off the balances.

Deferred interest versus no interest credit cards

One of the reasons families who live in Rockland County, New York, wind up having to file bankruptcy is credit card debt. Although a family may be able to swing regular payments, at least on the interest, when everything is going well, big credit card balances combined with unemployment or a medical problem can cause a family's finances to unravel quickly.

Credit card debt on the rise throughout the country

The amount of debt United States citizens owe on their credit cards has crossed the $1 trillion threshold, meaning what some call a modern "debt trap" is showing no sign of ending and may, in fact, be getting worse. These numbers mean that those who do not pay their credit cards off in full each month, are carrying around balances of $9,600.

Debt relief is possible despite overwhelming credit card burdens

Some debts are taken on willingly by those who must bear them. For example, some New Yorkers are comfortable acquiring loans for buying homes or cars, while others use financing to pay for their educational pursuits. Debts incurred from mortgages, vehicles, and student loans are often anticipated, and the individuals who hold them are generally prepared to manage their repayments.

Time is an important factor when tackling credit card debt

After the holidays, many people receive credit card statements that are higher than usual. After spending money on gifts, travel, and a host of other costs, New Yorkers may wind up with balances that exceed their capacities to pay in full. It may be tempting to ignore a high credit card statement for as long as possible, but advisers in the field of credit counseling warn that putting of payments can be detrimental to the card holder.

Keep your resolution to keep credit card debt in check

Every year Garnerville residents have a chance to start fresh as the new year rolls around on the calendar. Well, that chance just happened and along with plans to get healthy, reconnect with old friends and get ahead in their careers, many individuals make plans to become more financially savvy. One way that New Yorkers can take control of their finances is by getting their credit card debt under control, but doing so can be a lot more challenging that it may at first appear.

Holiday season leads many into damaging credit card debt

Shopping for loved ones during the holidays can be a special experience for some New Yorkers. In fact, giving to others can be one of the most rewarding things a person can do all year. Unfortunately, however, in the excitement of making purchases to bestow upon others, a person can accumulate significant and sometimes overwhelming amounts of credit card debt.

A cash advance can lead to serious credit card debt

Credit cards are widely used purchasing devices that allow individuals to buy goods and services on credit and then the individuals pay their lenders back on a schedule that was established when they secured their cards. Responsible use of a credit card can help a Rockland resident build up a good credit history and credit score; conversely, negligent credit card use can land a person in dire financial straits and facing overwhelming debt.

Credit card debt is unlike other financial consumer liabilities

It is not uncommon for a Garnerville resident to hold a mortgage on his or her home, a loan on his or her car and perhaps several debts from his time as a student that must be paid off on a periodic schedule. These debts, despite the fact that they may seem overwhelming, can actually be manageable for consumers since they require timely, monthly payments in order for the debtors to remain in good standing with regard to the obligations. As debtors make payments toward the satisfaction of these loans, the loans gradually decrease in principal and incur less and less interest until they are paid in full.

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