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Credit card debt: Tips for first-time cardholders

Many individuals in Tennessee and elsewhere may be aware of the inherent risks of applying for and using a credit card. However, first-time card users might lack the necessary knowledge or experience to know how to use these accounts wisely. Experts suggest there are certain mistakes new cardholders make that could increase the chances they will experience issues with credit card debt.

One possible mistake new cardholders might make pertains to overcharging. Just because one obtains a high credit limit on a card doesn't necessarily mean a person should rack up purchases he or she can't afford. Experts suggest that first-time cardholders should focus on paying accounts off in full each month, as this could be key to preventing balances from growing out of control.

Experts also indicate that many first-time credit card users may also fall into the habit of making only the minimum payment due each month. With high interest rates on many credit accounts, those who pay only the minimum due may only continue to see their balances rise. Another mistake that is prevalent among new cardholders pertains to missing payments, and regardless of whether this is intentional or accidental, the results of a late or missed payment can be disastrous.

Credit card debt is one of the most prevalent sources of financial unrest for many individuals. Those who experience severe financial struggles due to high amounts of debt may benefit from consulting with a bankruptcy attorney for guidance in forming a strategy to pursue debt relief. An attorney in Tennessee can help a client better understand each available option for relief and assist him or her in choosing a path with which to pursue a brighter financial future.

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