The unprecedented social and political events of 2020/21 have left many US households with crippling debts.
Did you know millennials in the US have four thousand dollars in credit card debt on average? It’s no surprise that the total credit card debt in America has surpassed eight hundred billion dollars.
Continue reading this article to find three problems of increasing credit card debt.
Increasing Interest Payments Can Affect Your Financial Situation
It’s no secret that people tend to overspend with a credit card in their hands. You might buy unnecessary products with a credit card and fail to make payments at the end of the month. This can gradually increase your interest payments and become a burden on your pocket.
The Federal Reserve has increased the interest rate for the first time since December 2018. The interest payments on credit cards are also expected to increase, which can become an added burden on your bank balance.
If you want to get your financial situation back on track, we advise you to hire a debt reduction lawyer as soon as possible.
Damages Your Credit Score
Untimely credit card payments and increasing debt can decrease your credit score. If you’re looking for quick financing, a low credit score can become a major obstacle. You’ll be surprised to know that many employers also check credit history before hiring individuals. You should avoid credit card debts if you want to find your dream job.
Keeps You From Getting Good Loan Terms
Struggling to get an excellent loan deal? It might be because of your increasing credit card debts. Private lenders and banks might not accept your loan applications if you’ve got a large amount of unpaid credit card debt. Whether you want to finance the purchase of a house or a car, you should clear out your credit card debts first.
Debt Reduction Attorneys Available In Kingston
Tired of increasing credit card debts? It’s time to let the experts at the Law Office of Brian Juran help you out. They’ve been providing legal and financial support to clients in Kingston for over twenty years.
They’ve got a team of bankruptcy lawyers who can analyze your financial condition and help you get your finances back on track in no time. Their attorneys can also help your firm manage corporate bankruptcies. They’re known for analyzing three major credit reports to identify issues in your existing financial plan.
So, what are you waiting for? Visit their website or call them at 845-339-4313 to learn more about their debt relief services and bankruptcy attorney Kingston.
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