Credit cards are often advertised as being convenient forms of payment. However, they’re often more of a burden than a convenience for many Florida residents. High credit card debt can be overwhelming and sabotage a person’s credit score. Unfortunately, there’s really no gauge to let an individual know when his or her credit card debt is getting out of control. The following indicators could be signs that it’s time to cut up those credit cards.
Neglecting to pay a card’s balance each month can quickly lead to a maxed-out account. Also, the credit card company may raise the interest rate if balances exceed limits. This will only make it more difficult to pay down the balance.
Late or missed payments
Missed payments will lower credit scores and late payments usually mean late fees are added to the balance, making it near impossible to get caught up. Late fees can also push the balance over the credit limit. Missing payments or making late payments are signs that it’s time to rein in the spending.
Attempting to hide things is a red flag that something is wrong. Many people who have high credit card debt feel so bad about it that they won’t even look at their statements. If a person hides debt from his or her spouse or significant other, it could mean credit card spending is out of control.
These are just a few signs that it’s time to consider taking steps to pay down debt. A high level of credit card debt is overwhelming and can make a person feel trapped financially. Sometimes, the best choice is to file for bankruptcy. Florida residents who find themselves in this situation may want to speak with a knowledgeable attorney. A seasoned bankruptcy lawyer can offer guidance and evaluate a person’s specific situation.