In our previous post, we began a list of tips for consumer to try to stick to so they can hopefully avoid stresses of credit card bills. There are enough unavoidable troubles in life such as illness and loss that it is important for consumers to take control of their financial well-being when and how they can.
Credit cards are powerful weapons. A weapon can be used for a positive end as well as for a negative end. Basically, consumers can end up with a glowing credit score, or they can end up with credit card debt, a low credit rating and the stress that goes along with such a situation.
It is a commonly held belief that after someone experiences personal bankruptcy, he or she will never have credit again. This is simply not true. While the process of building up one's credit after bankruptcy takes time, it is definitely possible.
No one likes to be in debt. Waking up in the morning, knowing that one owes debts that they can't afford at the time is a stressful situation for anyone. Getting incessant letters and phone calls from creditors doesn't help levels of stress.
The economy hasn't only been tough on individuals. Many state treasuries have been struggling to shore up their coffers as well. That's why New Jersey and other states are now working with collection agencies to collect unpaid court debts.
Credit cards are double-edged swords. They can help you make ends meet as well as get things you want but don't quite have the money to pay for outright. When their balances are kept low and paid off quickly, they pose no problem for most users. But they also come with a risk. Their balances are easy to run up, meaning it's easy to put more on them than you plan. And their payments can be hard to make if something unexpected. When that occurs, things can spiral out of control easily.