Some Tennessee residents may wonder how their financial situation got so out of control. Individuals may not always realize how quickly credit card debt can add up, and if they use their cards in unnecessary situations, the balances could quickly accrue. By avoiding credit card use during some instances, some people may be better able to reduce the likelihood of unexpectedly high balances.
When a person goes through a financial change, they may feel the need to rely on credit cards to help bridge the gap. Divorce situations are one area in which individuals may need to work on how to provide for their household on a single income as opposed to their previous situation. However, if a party begins to rely heavily on credit, their balances could quickly increase, and they may not be able to handle their payments.
It is also important to not use credit cards when in an emotionally compromised state. Some individuals may feel that making an expensive purchase will make them feel better from whatever unfortunate situation they were in. However, if a person does not rationally think through such a purchase, they may later realize that they cannot afford the expense, even making monthly payments.
Though many individuals would like to keep their credit card debt to the bare minimum, some parties are not in situations where that is a feasible option. If a newly single individual has trouble making ends meet, building up credit card debt may have seemed like the only option. Luckily, Tennessee residents who have found themselves in similar situations may have debt management options that they can utilize to help get back on stable financial ground.
Source: Fox Business, "10 Times NOT to Use Credit Cards", Dawn Papandrea, June 25, 2014