What do baby boomers, Gen Xers and millennials all have in common? Debt. Credit card debt, mortgages, auto loans and student debt -- most people have some sort of debt and many of them are struggling to pay it back. What can Illinois residents who are struggling with debt do?
Far too many people in Illinois and elsewhere depend on their credit cards to survive. Because of this, credit card debt is a major problem in the United States right now. It is believed that most households carry balances on credit cards. What can be done? How can one wipe out credit card debt?
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.
Charge it! That seems to be what many Illinois residents do when buying things they do or do not need. Some put expenses on credit cards in order to take advantage of the card benefits -- such as cash back or travel points, -- while others do it simply because they lack the funds to pay any other way. In either case, credit card debt can quickly add up to the point where it seems impossible to pay it back.
Credit cards can be a good thing to have in one's wallet. They help build one's credit rating, some offer cash back or other incentives, and generally speaking, they are safer to carry than cash. While these are all great benefits, having access to a credit card also allows people to spend more than they can pay off at the end of every month. This is why for many Illinois residents, their credit card debt keeps increasing.
The vast majority of Illinois residents have some type of debt. Mortgages, student loans, auto payments -- they all seem to be a common part of life for most these days. But there is one type of debt in particular that is becoming more common and a plague on Illinois families and that is credit card debt.
Everyone has unexpected expenses that pop up. Not everyone has the money to cover those expenses, however. When this happens, many people in Illinois and elsewhere may find themselves using their credit cards for more than they normally would. This in turn may lead to credit card debt that can quickly grow out of control.
Credit scores can be complicated to figure out. Big and small things can have a negative impact on your score. In order to rebuild your credit after a significant drop, it is recommended that you use credit cards. However, Illinois residents need to beware credit card debt in the process.
Quite a few people in the United States depend on credit cards to survive. As of the latest report, credit card debt has reached over $1 trillion dollars, the highest it has been since the Great Recession. Illinois residents who find themselves in over their heads financially may qualify for some level of debt relief.
Filing for bankruptcy can help to alleviate insurmountable debt that a person may be suffering with. It’s a legal status, indicating to creditors that the individual who filed is unable to repay debts. For Americans, credit card debt is becoming a way of life.