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Credit cards can help in a crisis but create another

Many people in Florida open their wallets and find several credit cards. Some use credit cards to make everyday purchases and pay off their balances each billing cycle. This can greatly increase a person’s credit score. Most individuals are able to use their credit cards wisely and take advantage of the many benefits of having credit. However, there are times when credit card debt can simply spiral out of control.

Credit cards can be a blessing and a curse. Buying items on credit is convenient, but issues can arise when credit cards are overused. When disaster strikes, credit cards are often used in an effort to survive the crisis. Medical emergencies or the loss of a job can create the need to rely credit cards to survive a rough financial stretch.

When there are no other options than to use credit cards in order to pay for unexpected expenses, debt can mount quickly. High interest rates can quickly accumulate until a credit card balance is unmanageable. When this happens with several credit cards, bankruptcy may be a responsible choice in order to regain control of one’s finances.

No one can foresee life’s many hurdles. Chronic illness, loss of a job or even the unexpected loss of a loved one can create the need to use credit cards in order to survive the crisis. Once the crisis passes, though, it can be difficult to manage the debt that was created. When one finds themselves in this situation, exploring the advantages of filing bankruptcy in Florida may be a good first step in regaining control of personal finances.

Source: businessday.com, “It Pays To Be Informed With Credit Cards,” John Colett, July 31, 2013

 

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