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The Role of Credit Cards and Financial Nightmares

Posted on in Bankruptcy Attorney Illinois

Many people struggle with debt at one time or another. But how do you know when that struggle has become a serious one and you may need to consider consulting with a bankruptcy attorney to see what your options are?

Bankrate offers consumers signs to watch for that the organization says should serve as warnings that financial difficulties may be more than a bump in the road and serious attention is needed.

Misuse of credit cards is a major warning sign of financial difficulty. Do your credit card balances exceed your income? And how much are you paying on your cards each month? If you are only making the minimum payment, or even less than the minimum monthly payment each month, your credit card debt is never going to go down. In fact, it could be increasing with high interest rates and monthly penalty fees.

Many people who are struggling financially begin taking cash advances off of one card to make payments on another. They also begin paying for food and other bills using their credit cards because they don't have enough cash to pay for these items otherwise. Suddenly credit cards are not being used because they're convenient, but because they're necessary. And because the ones you have are up to or close to their limit, you're applying for more. If you have multiple credit cards that have high balances that you can't pay off, you need to get financial advice right away before the debt gets even higher.

Other indicators include tapping into savings accounts or IRAs to meet monthly expenses. Many people are afraid to sit down and figure out exactly what they owe because they begin to feel so overwhelmed, especially if there are bill collectors calling and delinquent account letters arriving in your mailbox. Hiding all these charges from your spouse or significant other is another strong indicator that your finances are in such a state that bankruptcy is your only option.

If you are considering bankruptcy, contact an experienced Illinois bankruptcy attorney to help you find the best financial option for your situation.

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