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credit card debt Archives

The proper reaction to different degrees of credit card debt

Tennessee residents encounter escalating debt for a number of different reasons, many of which lie beyond their control. When credit card debt mounts, the manner in which a consumer responds will shape the outcome. Knowing how to respond to ongoing credit card debt struggles is important, and can prevent a negative financial outcome.

Tips on dealing with credit card debt collectors

Struggling to overcome high levels of debt can feel overwhelming for Tennessee residents. That is especially true when debt collectors begin calling. While there are regulations in place to limit the tactics that debt collectors may use, many companies operate outside of those established boundaries. Understanding how to handle interactions with credit card debt collectors can make it far easier to work through times of financial turmoil.

Is the human brain partly to blame for credit card debt?

Faced with overwhelming levels of debt, many Tennessee residents are unsure how things got so out of control. It is not uncommon for a borrower to sit down to review the full scope of his or her credit card debt and have little understanding of how that money was spent, much less have much to show for it. A recent article takes a look at how the human brain processes financial information, and suggests that humans may simply lack the ability to fully comprehend the concept of credit.

Many struggle with credit card debt after divorce

For many Tennessee residents, going through a divorce can lead to serious financial problems. To begin, simply having to operate two households with the same income that previously covered one will put a squeeze on the finances of both parties. Then there is the matter of property division to consider. The division of marital wealth leaves both parties holding a portion of accumulated assets. Just as assets are divided, so is debt, leaving some newly divorced residents with high levels of credit card debt, and very little to show for it.

Is a stronger economy weakening consumers financially?

Economic turnarounds usually motivate American consumers to spend more. The end of the Great Recession of 2008 was no different from other recoveries. The good news is that buying habits are reverting to pre-recession levels. The more troubling news is that purchases are being put on plastic.

Authorized users can create serious credit card debt

Many Tennessee residents have added a friend or loved one to one or more of their credit cards. Adding someone as an "authorized user" can help boost their credit score, and is a great tool for someone who is just starting to establish credit, or is recovering from a serious credit score setback. This act of kindness, however, can come back to bite the original borrower if the privilege is abused. Far too many people have seen their credit card debt rise based on the actions of an authorized user.

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