Bloomberg News has reported that US consumer credit card debt has reached $1.02 trillion in June, beating a record set just before the financial system near collapse in 2008. What does this mean?
This means that more people in the US are carrying a significant amount of debt on their credit cards and the default rate is rising on those cards.
Rising credit card debt is an indicator of underlying financial difficulties and rising default rates means many people cannot make the required minimum payments on those cards.
Here are some warning signs that your financial health may be at risk:
Your credit cards are at the limit
You are unable to make minimum monthly payments
You are taking on new credit cards to pay existing debt
You are late making house or car payments
You are borrowing from your 401k or other retirement plan to pay credit card bills
You are using pay day loans or title loans to make ends meet
If you are experiencing any of these financial crisis warning signs, you should consider contacting our office for a financial consultation.
You cannot borrow your way out of debt. There are options to get your financial health back on track. Before you take on more debt, miss any house payments or put your car title up as collateral for a loan, please call Ebert Law Offices for a free initial consultation. We care about your financial future and want to help you through this difficult time.
I just prepared my tax return and owe the IRS. I don’t have the money to pay and I can’t sleep from worrying about what could happen next. Can the IRS take my paycheck? Can the IRS put a lien on my house? Can the IRS take money from my bank account? Can the IRS close my business? These are the typical questions people ask when faced with unpaid taxes. Can the IRS really do this to me? The answer is ….Read More »
Exchanging one form of debt for another is a fatal financial decision. You cannot borrow your way out of debt, period.
I just heard another commercial from an area mortgage lender encouraging home owners to refinance their homes and take out equity to payoff credit card debt. Sounds like a great idea right? Get rid of credit card debt? No brainer. Not so fast. First, you better be sure risking your home for a Visa card bill is for the right reasons.Read More »
For many people, this time of year is a time of joy and thanksgiving. For others, the holidays are a source of stress. Everyone may suffer the stress of what picture should be on the Christmas card or how many people are coming for holiday dinner. However, for many families, the stress of the holidays is much more. How can we afford to give my child the present on their list to Santa? How can we afford to buy enough food for our holiday meal? The pressures we place on making the holidays special create an incredible amount of strain not just on your wallet but your emotions too.Read More »