In a pinch, credit cards can be a real lifesaver. But for some people, in some situations, credit cards are a curse. It all hinges on how you use credit cards and on your general financial condition. Credit card debt that cannot be paid is one of the main reasons why bankruptcy filings have increased so much in recent years. It’s imperative to learn how to use credit cards properly and to practice what you learn. If your credit card debts become insurmountable, bankruptcy may or may not be the right move for you. Again, it depends on your own unique circumstances. If you’re facing mounting debts and considering bankruptcy in the Dallas-Fort Worth area, consult immediately with an experienced Dallas bankruptcy attorney. Here, some basic recommendations for how to use credit cards:

  1. If you’ve been fired or laid off, don’t start “maxing out” your cards. Acquiring new debts when you have no income is never a good idea, no matter how desperate your situation becomes.
  1. Do not use credit cards for when you are extremely depressed – or extremely elated. Don’t use them when you’re drunk, high, fatigued, or ill. In fact, any time you want to use the card, put it away first for 24 hours and ask yourself if you really need to make that purchase.
  1. When you’re close to your credit limit, don’t use the card. Excerpt for genuine emergencies, you shouldn’t be using over 30 percent of your available credit. Do not exceed your limit – you may be hit with a surcharge and higher rates, and if an emergency does arise, you won’t have credit access.

You won’t have trouble if you stay well under your limit and make every payment on time. Of course, unanticipated expenses can put even the most responsible people in debt trouble. When your debts overwhelm you, bankruptcy may or may not be the right solution. Again, it depends on your personal circumstances, but in the Dallas-Fort Worth area, you should discuss those circumstances and your options with an experienced Dallas bankruptcy attorney. If your debts are piling up, do not wait to make the call.