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How does the CARD Act protect consumers?

Nearly six years ago, the Credit Card Accountability, Responsibility, and Disclosure Act, or CARD Act, was signed into law. The goal of the CARD Act was to bring fairness, transparency and accountability to the credit card industry. But how exactly does it help Massachusetts consumers with their credit card debt?

Reduce credit card debt with baby steps

Credit card debt is an issue that plagues many Massachusetts consumers. Many are still feeling the sting of their holiday spending. Others may be struggling with unemployment or other financial challenges. Whatever the situation, credit card debt can be overwhelming and even embarrassing to some people. Getting out of debt may seem impossible, but by taking baby steps, it can happen. The trick is to have patience, since it won't happen overnight.

Avoiding credit card debt during the holidays

Residents in Massachusetts will often make several shopping trips during the holidays. In order to get all the gifts for loved ones, some might be tempted to spend more money then they intend. This could lead to using credit cards and racking up more debt than they can handle. While some balance on a credit card in manageable, if this debt gets out of hand, consumers might encounter major financial problems.

What happens if I just pay the minimum payments on debt?

One of the difficult parts of having credit card debt is that interest rates can be extremely high. Many companies provide unclear statements that rack up debt for individuals if they only pay the minimum payments on their debt. Credit card debt for Massachusetts residents can rack up quickly and spiral out of control.

How do I keep credit card use under control?

Often when people are struggling with consumer debt in Massachusetts, one big concern is making sure more debt isn't piled on top of it. Sometimes, debt levels can be out of control and one of the few options is finding debt relief through bankruptcy. However, before taking such a drastic step, there are various strategies that can be employed to keeping credit card use under control. Some of those strategies are outlined below.

How to settle credit card debt in Massachusetts

In Massachusetts, individuals who struggle with credit card debt may not know all the options available to them. One can feel alone in the wake of tremendous pressure from creditors and collection agencies. If someone is going through a difficult financial period, paying off credit card debt may be impossible. High interest rates can cause even the most stringent individual to be unable to make the minimum payments necessary to stay afloat on debt.

Lenders target riskier borrowers in Massachusetts

Across the United States and Massachusetts, some lenders are discovering that their margins being tightened. This realization has turned some lenders to target riskier clientele when making loans or credit extensions. Getting a new line of credit may be a useful financial tool, it can also lead to significant debt for the borrower and debt can easily spiral out of control. Handling finances can be extremely difficult if credit card bills are unmanageable. High bills might lead to significant interest charges and the inability to get out of debt.

Habits for credit card debt relief in Massachusetts

A credit card can be a useful tool. From buying on credit to establishing a credit rating for the future, there are important things that a credit card can help a Boston resident accomplish financially. Unfortunately, engrained habits or a mountain of debt can make that tool ineffective. High interest rates can put even the savviest individual into large amounts of debt. Healthy financial habits are important tools for getting rid of debt and there are many options for those who are overwhelmed by their credit card bills.

How Massachusetts residents can reduce credit card debt

There are many traps when purchasing goods or services on credit. Some financial providers have lengthy terms and conditions that can change at their discretion. Being overwhelmed by debt can be very difficult in Massachusetts. A life can be interrupted by creditor harassment and the psychological toll of a debt load. Credit card bills can quickly overwhelm, but fortunately there are options to lower debt.

How to manage your credit card debt in Massachusetts

Debt has a way of creeping up on you. With high interest rates, a significant amount of debt can feel like an overwhelming burden to any Massachusetts resident. Statewide, some people have more debt than savings. This can lead to delinquent payments and significant financial challenges. If you have a large amount of credit card debt and are struggling to make ends meet, it might be important to evaluate your financial health and take some necessary steps to being on the path to becoming debt-free.