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Credit Card Debt Archives

Interest rate hike to affect loan payments

Massachusetts residents who have certain loans or lines of credit may see an increase in their monthly payments due to the Federal Reserve's recent interest rate hike. According to one certified financial planner, it may wise for individuals with variable-rate debt to increase how often they make payments or try to refinance their debt into loan with fixed rates.

Three ways to tackle credit card debt

Today, it is ideal to live a debt-free life. However, because many Massachusetts residents use credit cards, it is very common to carry a balance of debt. While many individuals rely on credit cards to cover certain expenses, consumer debt can quickly get out of hand. Although credit cards are often the culprit for getting a person into debt, they can also be the tools used to get the consumer out of debt as well.

How problematic is credit card debt in America?

In today's society, many residents in Massachusetts and other states across the nation seek to own what is new and in demand. Such a situation can get costly, causing some individuals to pay for these items on plastic. While it is not uncommon to use credit cards, it is becoming more and more common to carry a growing balance on credit cards, making this type of debt a problem for many Americans.

Average American's credit card debt is over $5,000

Credit card debt can be a debilitating financial problem. It can eat up a Massachusetts resident's spare income as the debtor attempts to get ahead of his minimum payments and chip away at the principal and interest he owes. Despite the challenges that credit card debt can introduce into a person's life, however, a recent news story suggests that dealing such burdensome debt is not as uncommon as one might think.

Bay Staters rank fourth lowest in average credit card debt burden

At this time of year, many Massachusetts residents are waking up to find holiday spending has caused a spike in their credit card debt. Large balances on personal credit cards can lead to serious financial challenges. But, on average, people in Massachusetts have a less serious problem with credit card debt than those in the other 49 states.

During the holiday season, keep an eye on credit card debt

As the holidays approach, many people in Massachusetts will be tempted to use their credit cards to purchase gifts and other items they could not otherwise afford. Unfortunately, retailers actively encourage excessive spending at this time of year. For people already burdened by credit card debt, holiday spending can be enough to push them into serious financial difficulty.

Major bank is marketing loans to pay off credit card debt

Recently a major U.S. bank began promoting a new line of personal loan products to consumers who want to pay off their credit cards. For Massachusetts residents struggling with credit card debt, anything that looks like a way out can be a temptation. For many individuals, however, taking on new debt to pay off old debt will only make the problem worse.

Protection from creditor harassment under the law

It is not unusual nor is it anything to be ashamed of for Massachusetts residents to run into financial challenges. When a person is unable to keep up with the payments on consumer debt, the angst can be overwhelming. Considering filing for bankruptcy is a reasonable option to try and get out of consumer debt. As this is under consideration and the process moves forward, many debtors might be under pressure due to creditor harassment. There are certain tactics that creditors are able to use to try and collect a debt. Others are violations of the law.

Credit card debt does not have to be a lifelong problem

Credit card debt is a major problem for many Americans, including residents of Salem. Whether the debt resulted from overspending, unplanned purchases or unexpected emergencies, its existence can cause individuals to feel both financial and emotional stresses. Overwhelming debt on credit cards can sometimes feel insurmountable and those who have suffered under its pressures may have felt as though they would never be able to climb out of their credit-based troubles.

Credit card debt could hurt your job prospects

When a person falls behind in their credit card payments, the delinquencies show up on their credit report. This can have a number of serious consequences for a Massachusetts resident, including the inability to get a mortgage or car loan, rent an apartment or find a job.