Credit cards can be incredibly useful. They can help a person establish a healthy credit rating and provide funds in the event of an emergency. For people in Oklahoma who are struggling to pay their bills or feed their family, a credit card can serve as a temporary means to fill a gap. However, someone who has lost their job or experienced a significant injury or illness may rely heavily on them. Because of interest rates, credit card debt can quickly become unmanageable.
There are many signs of a strong economy. While the United State's economy has spent the last several years struggling to overcome the 2008 depression, the Federal Reserve's recent decision to increase interest rates by a quarter of a percentage point is considered by many to be an indicator that the economy is stronger. However, this change could have an unfortunate consequence for those holding credit card debt in Oklahoma and across the country.
A credit card can be enticing to many people in Oklahoma and across the country. Credit card companies often lure new customers with promises of special reward programs and other sign-up bonuses. As a result, credit card debt continues to rise.
A credit card can be a useful tool. One can allow people in Oklahoma and across the country to make an emergency purchase or build their credit with use and regular payments. In some cases, however, credit card holders can have more debt than they can manage. If they lose their jobs or experience unexpected medical expenses, they may find themselves in a situation where they are unable to manage their credit card debt.
There are many people in Oklahoma and across the country who are currently struggling with overwhelming debt. No matter how much they budget and scrimp, they are simply unable to make a dent in the bills that they owe. In addition to this stress, many experience the added burden of being harassed by creditors. While certain myths surrounding bankruptcy may make some people leery of pursuing it, it is often the best path to getting control of their financial situation.
There are people in Oklahoma who are struggling financially -- often through no fault of their own. They find themselves unexpectedly unemployed or facing a necessary medical treatment for which they do not have the funds, leaving them wondering how they will even pay their day-to-day expenses. As a result, many people turn to credit cards to help make ends meet. While using a credit card for necessary expenses may be a necessary evil, it can also lead to a cloud of credit card debt that may be difficult to dispel.
A hike in the interest rate the Federal Reserve charges banks could have dire consequences for consumers with credit card debt who might already be dealing with financial challenges. The announcement signaled the start of what is projected to be an increase in the interest rate Oklahoma residents pay on consumer debt, including credit cards.
With the holidays upon us, American traditions encourage spending: gifts for holidays, travel to see loved ones, and even celebrations like New Year’s Eve. The spending now traditionally starts with Black Friday, the day after Thanksgiving (or actually even Thanksgiving Day. ShopperTrak estimates that Americans spent over $12 billion just on Thanksgiving Day and the day after.
You have probably heard of them before: abusive debt collectors who use unsavory and illegal tactics to try to intimidate and coerce people into paying sums of money they claim that they owe. Myriads of telephone calls, sometimes at odd hours; threatening, abusive and profanity-laden language during such calls; pretending to be representatives of government agencies; contacting people at their place of employment, or contacting co-workers and employers; and continuing to call even when properly directed to desist.
It is rather easy to rack up thousands of dollars’ worth of credit card debt. This is a reality that many residents of Oklahoma face every day. Preventing debt seems simple: limit your spending or avoid getting a credit card all together. For those who face circumstances like unexpected medical bills, funding college or purchasing necessities that you both want and need to enjoy your lifestyle, the idea of preventing easily turns into a search to escape credit card debt.