Many Connecticut residents and others across the country use their credit cards primarily for large purchases so that they can take advantage of mileage or other reward programs. They are able to pay the bills in full and not incur interest or increasing balances each month. However, there is an increasing number of people who are forced to use their credit cards for basic monthly needs. These consumers are likely struggling to make ends meet and are in need of debt relief.
A national credit reporting agency recently stated that the average household credit card debt is just over $6,500. According to the survey they conducted, almost a quarter of consumers in the country now have to use their cards to cover such basic expenses as rent, utilities and food. Roughly 12% reported that they have to use their cards to cover their medical bills.
Indicators point to how much more expensive middle-class living is than it was two decades ago. Whether it is child care, college or housing, the cost of everything has risen sharply over that period of time. Unfortunately, pay has not seemed to grow at the same rate. This leaves many Americans with little to no savings and quite a bit more debt. Experts encourage consumers to make plans to reduce and eliminate as much debt as possible.
Some may be able to take advantage of transferring their existing debt to a new credit card with a zero% interest rate. Others may elect to take on a second part-time job to increase cash flow to allow more payments to one’s bills. It is important to set goals that are reachable and work toward accomplishing them.
Being in need of debt relief can be overwhelming. However, there is help available from a Connecticut bankruptcy attorney. An experienced lawyer can work with individuals to determine the best path forward to get their finances back in order.