Most people have heard the advice that it is best to pay off any credit card balance monthly. However, for those who must use their cards regularly for household expenses or are maxed out because of an emergency, that may be an impossible task. Those in South Carolina dealing with multiple credit cards with high balances and outrageous interest may already know they are in trouble, but for those who are uncertain, financial advisors warn of these indicators.
Even if one is paying every month, someone facing financial trouble will still see the balances rising. This may be because the credit card company keeps adding fees and penalties in addition to the high interest. It may be that the cardholder continues to use the card despite its high balance.
A cardholder who cannot afford to pay the minimum, or who cannot afford to pay more than the minimum, may also be close to a financial crisis. This may also be true of someone who has at least one maxed out credit card. If payments on credit cards prevent one from establishing an emergency fund, the credit cards may be the only resource during an emergency.
A person’s mail may provide a sign that help is needed. For example, people who are in over their heads may receive rejections when applying for credit. They may also receive invitations to apply for cards specifically for people with damaged credit. The mail may contain warnings that they are late making payments on other bills as well.
People in South Carolina who notice these signs may feel overwhelmed by their situation. It seems that no matter what they do, they are merely treading water and may be close to sinking. Contacting an attorney with experience handling many aspects of bankruptcy may provide one with alternatives for dealing with the burden of credit card debt. Depending on the circumstances, bankruptcy may be one option for getting back on one’s feet again.
Source: gastongazette.com, “7 signs you’re in debt over your head”, Bev O’shea, June 30, 2017
