Credit cards can help you, but they can also damage your finances and credit rating. It depends on how you use credit cards, and it also depends on your overall financial circumstances. Persistent credit card debt is a leading cause of personal bankruptcies, so it’s imperative to use a credit card properly to avoid bankruptcy court. If your debts spin out of control, the right option for you may or may not be the bankruptcy process. Again, it depends. If you face unpayable credit card debt, and if you’re thinking about filing for bankruptcy, speak at once with experienced Cedar Hill financial services attorney Richard Weaver. Below, you’ll find are some suggestions for using credit cards safely and effectively.
TIPS FOR CREDIT CARD USE
Do not use credit cards when your emotions are running high. Don’t use them when you’re joyful, depressed, fatigued, ill, or intoxicated, because those are times when your rational thinking is not at its peak. For some of us, it’s not a bad idea to delay every credit card purchase for 24 hours; when you do, you’ll be glad that you didn’t make some of those purchases. Don’t use a credit card because you’ve been fired or laid off. The situation may seem desperate, but accumulating more debt when you have no income is never a smart move. Finally, don’t use a card once you are close to your credit limit. If you exceed the limit, there may be an additional charge, your interest rate may increase, and you may not have access to credit in an emergency.
SOME DEBT CAN’T BE AVOIDED
If you remain under your credit limit and make regular timely payments, you may avoid credit card trouble entirely along with any need to consider bankruptcy. Sometimes, however, unforeseen emergencies can create serious debts for even the wisest consumers. If your debts are spiraling out of control, declaring bankruptcy may or may not be the solution for you, but experienced Cedar Hill debt attorney Richard Weaver can help. If your debts are mounting, discuss your options – including Chapter 7 and Chapter 13 bankruptcy and alternatives to bankruptcy – with an experienced Cedar Hill financial services attorney by calling Richard Weaver at (214) 463-2200.
