The risks of being enticed by the convenience of a credit card

Debt can come in a multitude of forms and fashions, each of which could have a substantial impact on your quality of life. If you are experiencing prolonged periods of financial hardship, you may be searching diligently for some form of relief, potentially leading you to consider pursuing aid through a credit card.

While credit cards could provide immediate relief for your monetary burdens, they may only be a temporary fix to a long-term issue. With high interest rates on many credit cards, turning to them in times of need may leave you facing deeper financial concerns in the future.

The uses and risks of credit cards

With a society filled with those who are saving less and spending more, credit card debts are a significant concern for many individuals. Like countless others, you might be enticed by the convenience of credit cards on numerous occasions, some of which may include the following:

  • Special occasions: Special occasions, such as a wedding, can be exceedingly expensive, and without the savings to fund such an event, one may turn to credit cards. However, with high interest rates, adding such a potentially costly purchase to your balance could prove devastating.
  • Business ventures: Much like a special occasion, starting a new business can be financially draining, and while using a credit card to fund a business venture may seem like an investment, such a decision might not turn out as intended.
  • Everyday expenses: In times of financial trouble, credit cards can help cover monthly expenses, but the price of using a card in this manner might be higher that you expect.
  • Limited time offers: Credit card companies offer a variety of bonuses and awards for using their cards, and while you might wish to take advantage of these offers, being aware of the risks is advisable.

Regardless of how it happens, if you are staring down a mountain of credit card debt, you could be suffering severely in the process. Instead of turning to additional lines of credit that may only cause your financial concerns to grow, it may be in your best interests to pursue a more long-term solution.

Pursuing a brighter financial future

With the potential weight of decisions regarding your financial future, chances are, you could be feeling somewhat intimidated by the process. However, you may be able to relieve a great deal of your stress by speaking to someone who is knowledgeable in federal and New Jersey bankruptcy laws for advice on every available outlet for relief, as well as the potential outcomes of each in turn. Seeking guidance early on could help prepare you to choose a path with which to pursue a healthier financial future.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Keep In Touch

East Orange Office
7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017

Phone: 973-414-8069
Fax: 973-675-5886
Map & Directions

Newark Office
168 Bloomfield Avenue
Newark, NJ 07104

Phone: 973-419-5266
Map & Directions

Paterson Office
100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510

Phone: 973-419-7631
Map & Directions

Jersey City Office
26 Journal Square,
Suite 603
Jersey City, NJ 07306

Phone: 201-205-2496
Map & Directions