Credit Card Debt: A Slippery Slope
Some people view credit cards as a panacea for all financial issues: Why pay for it now when you can just put it on the credit card? Want that expensive stereo but don’t have the money right now? Charge it. Need gas for your car? Charge it. Need to buy groceries for the week, but only have enough money for a bag of chips in your bank account? No problem, just charge it.
As credit cards have become more popular, the “save, then spend” mentality has fallen by the wayside, and more and more Americans have opted for a “buy now, pay later” approach. Unfortunately, paying later often means that you will pay much more for much longer than you originally intended. Each purchase you make adds to an ever-growing pile of debt, which can gradually begin to dominate your life.
Out of Control Spending
Unfortunately, many people have a skewed view of responsible spending, thinking that a credit card limit is a good indication of how much you have to spend. However, a high credit card limit can give you a false sense of financial security that ultimately results in disaster. For each month that you don’t pay off the balance on your credit card, you are charged interest, which can be upwards of 20 percent on some cards. Even with a low interest rate, credit card spending can easily spin out of control if you make only the minimum payments.
Interest, Fees, Debt
Looking at your credit card statement, you may find that much of the money that you pay each month is going only to paying off the interest on your card, with little going to the principal that you owe. You may be hit with late fees, balance transfer fees, and other miscellaneous fees that credit companies have devised to make more money. As your debt grows, you may find that you can no longer afford even the minimum payment each month. You are a victim of credit card debt.
If this has happened to you, you should know that you are not alone. On average, each American owes more than $8,000 in credit card debt. Fortunately, there is a solution. If you are burdened with debt, consider contacting a debt negotiation lawyer immediately. A debt negotiation attorney can negotiate with creditors on your behalf to help you resolve your debt and restart your financial life.
To learn more about debt negotiation and regaining control of your spending, don’t hesitate to contact the experienced Milwaukee debt negotiation lawyers of the DeLadurantey Law Office, LLC today at 414-377-0518.