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Credit cards useful, yet those who misuse often need debt relief

Credit card debt continues to be a major area of financial concern for Connecticut residents and others around the country. Many consumers have sought debt relief due to the overwhelming burden of debt from credit cards. Though they can lead to problems, experts still contend that credit cards can be useful, if used wisely, and are still an option for payment transactions.

Surveys show that most consumers choose to use cash when purchase amounts are lower. In fact, almost half of those surveyed indicated they pay with cash if a transaction is under $10.  Debit cards and credit cards were the alternative choices for payments. Those surveyed tended to use credit cards if a purchase was over $25, citing the desire to earn rewards points through their cards.

However, the survey indicated that millennials were the demographic group most inclined to use their credit cards for purchases of any amount. Financial advisers contend that credit cards are a preferred way for purchasing items because of the protections they can bring. If fraud is suspected, most cards offer protection to the consumer with no liability on the consumer's part. The advisers counter this recommendation with the recommendation to always pay off a credit card balance each month. This way, no interest will incur and therefore, no credit card debt will accumulate.

While credit cards can be very useful, some Connecticut residents may have had to use their cards for emergency expenses or even everyday purchases. They may need to seek debt relief if they see no end in sight to their credit card payments. An experienced bankruptcy attorney can offer guidance and suggest what course of action to take. The mutual goal will be to eliminated credit card debt and get clients back on track financially.

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