Americans often rely on using credit to make both necessary and luxury purchases. Unfortunately, this consumer culture has led to a great deal of credit card debt in the country. The inability to pay bills on time, and making only minimum payments, could result in interest atop mounting expenses, and a vicious cycle of continuously owing money.
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.
A recently conducted survey shows that the average amount of credit card debt most households carry is down from $9,887 five years ago, to $7,145 at present. However, many households still rely on credit cards to pick up basic living expenses to cover rent, bills, groceries, utilities and more.
It is no secret to anyone living in New Jersey that a struggling economy has brought hard times on many families. Many consumers in New Jersey have contemplated bankruptcy as a means of addressing their crippling debt and anxiety, but fear of any impact on their credit and the stigma surrounding bankruptcy often leave some consumers unsure of how to proceed.
It is a terrible feeling when you have to ignore another phone call because you assume that the unfamiliar number on your phone screen is a debt collector. Some individuals may let their voice mailbox fill up just so that the collectors cannot continue leaving new voicemails. The individual might avoid the mailbox for weeks at a time because the mounting stacks of bills feel overwhelming, and defeating.