A lot of attention has been made in the media about the economic recovery. The media has made it appear as if people's financial problems have been fading and things are getting back to the way they were before the economic collapse in 2008. However, for many New York residents this hasn't been the case.
Falling into a spiral of debt is something that can happen to just about anyone. As many New York residents are likely aware, credit card companies often make it very easy to purchase goods that one may not otherwise be able to afford. While this ease of purchase can sometimes be beneficial to consumers, it can also be a debt trap. When someone falls into a cycle of debt, escaping can seem incredibly difficult, if not impossible. Thankfully, there are options.
It can be easy for people to fall behind on their debts. New York residents can have a lot of obligations that they just can't meet each month. If the pattern continues for too long, creditors can become aggressive about collecting the debt. In some cases, the creditors might turn to asset forfeiture techniques in order to collect some money. These can include wage garnishment, repossession or foreclosure, depending on the type of loan.
Credit card companies make their money in a variety of ways. First, they make money by charging high interest rates on the money that they loan. They also charge a variety of fees for using the card, for late payments and for card maintenance.
Times are tough for many New Yorkers. People are finding it difficult to find jobs that pay enough to cover all their basic living expenses, their medical costs, their student loans and credit card debt. The rising costs of basic essentials -- like gas and food -- doesn't help the matter. In some cases, people are turning to bankruptcy to try and eliminated some of their debts.