Over the holidays, many consumers in Tennessee may have taken full advantage of the ease of access involved with using a credit card to fund purchases. Now that it is time for the bill to come due, some may be struggling to deal with the overwhelming financial weight of their previous decisions. While this may lead to a temporary halt in spending for many individuals, for others, it could prompt a need to pursue debt relief.
Recent reports indicate that the average consumer added more than $1,200 to his or her credit card balances over the holidays. Studies suggest that this is a substantial increase when compared to averages from the previous holiday season. In a recent survey, more than 60 percent of consumers were uncertain how they would manage to pay off their debts.
Many of those who took part in the survey also admitted that using a credit card to pay for gifts wasn’t part of the plan. However, with studies indicating that online shopping jumped nearly 20 percent over the holiday season, many consumers may have felt it necessary to take advantage of a variety of online deals. Unfortunately, a spur of the moment decision to use a credit card to pay for gifts could leave a person facing substantial balances on accounts that likely carry high interest rates.
Exiting the holiday season with high levels of debt can be a daunting experience. Those who struggle under the weight of debt may feel their options are limited, and they could be uncertain of the steps to take to take back control of their financial futures. Fortunately, there are attorneys that can assist a person in Tennessee in forming a strategy to pursue debt relief and provide guidance on how to avoid similar hardships in the future.