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The nation's high credit card debt not necessarily a bad sign

An authoritative person at a wealth management company recently reported that she does not envisage a similar credit crunch as was experienced by consumers in New Jersey and across the country in 2008. She thinks this despite the fact that national credit card debt will likely reach $1 trillion later this year. The last time it was at that level was just before the heating up of the financial crisis eight years ago.

Nevertheless, she said consumers should keep a close eye on their credit card spending and suggests the careful recording of every expense. Consumers often only realize how much can be saved by listing all their expenses. Seeing it all in writing can be a shocking realization. It was also noted that credit card spending is encouraged by online shopping where credit card payments is the only payment option.

To avoid credit card debt from becoming overwhelming, this advisor suggested that consumers must not get comfortable with paying the required minimum payment shown on their credit card statements. By paying only the minimum required on debts totaling five-figure sums, they will likely not reduce the owed balance. Paying significantly more than the required minimum may prevent credit card debt from spiraling out of control.

However, since this is sometimes not possible, New Jersey consumers who have already fallen victim to mountains of credit card debt may benefit from a consultation with an experienced bankruptcy attorney. A lawyer can explain the options that are available to remedy the situation. He or she will also discuss the pros and cons of personal bankruptcy to allow the client to make informed decisions about his or her financial future.

Source: thestreet.com, "1Q Credit Card Debt Nears Historic $1 Trillion Peak", Scott Gamm, May 27, 2016

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