Some shocking statistics were released in an academic paper this month highlighting the growing problem of credit card debt. According to the study, 70 percent of college students in the United States have a credit card, but most of them don't know their interest rate. An even more shocking part of the study might be that more than 90 percent of these students hold a balance from month-to-month.
If a person carries a monthly balance and continues to charge expenses, they may be in for a world of financial issues not too far down the road. The constant charging of items along with the high interest rates could spell financial trouble. Those get into credit card debt in Houston aren't alone, and there are ways out. Getting educated on how your credit cards work is a very important step, but if things get too out of hand to manage, speaking with a bankruptcy attorney might be a wise idea.
With the economic downturn in recent years, it is possible that students and others have been carrying a balance on their cards, hoping their financial situations would improve shortly. They used their credit cards only for emergencies. If the emergency was suddenly being unemployed, credit cards could easily turn from a short-term solution into a long-term solution.
Many people think that credit card debt is only their own fault. However, many times people do use their credit cards only for emergencies, but their emergencies turn out to be more costly or more drawn out that they initially thought. People in Houston who find themselves with uncontrollable credit card debt would be wise to act quickly. An experienced bankruptcy attorney can help a person work toward financial stability.
Source: Fox Business