No one wants to be in debt. Sometimes, it cannot be avoided, though. The vast majority of Illinois residents have some type of debt. For many, it may be credit card debt. As interest rates are set to rise this year, paying of this type of debt sooner, rather than later, is advised.
According to a recent report, the Federal Reserve says that national credit card debt currently totals over $1 trillion. Some believe that this is a sign of consumer confidence. That may be true, but it also may be that people have no other options. Many individuals use their credit cards when they have no other way to pay their financial obligations.
Carrying a balance on a credit card is never thought of as a good idea. Paying the minimum balance and allowing interest to accrue can make it impossible to pay down the debt. With interest rates about to rise, keeping up with this financial obligation will only get harder.
Illinois residents can help themselves by paying off their credit card debt as soon as possible. Those who cannot can look at debt relief options that may be available to them before their financial situation gets any worse. For some, debt negotiation or bankruptcy may be the answer. An experienced bankruptcy attorney can review one’s financial station and help one figure out the best way to move forward. Achieving a fresh start may take a little time, but with the right assistance, it is not outside the realm of possibility.
Source: USA Today, “Personal debt: Why now is a critical time to pay off credit cards“, Sarah Skidmore Sell, Feb. 3, 2018