Richoux Law Firm, L.L.C.

Chapter 7 ∙ Chapter 11 ∙ Chapter 13

Call Today

Toll Free
Office Location

PLEASE NOTE: To protect your safety in response to COVID-19, we are discontinuing in office consultations and meetings but we are offering the ability to meet via telephone conferencing. Please call our office to discuss your options.

Misusing credit cards could present need for debt relief

| Aug 13, 2019 | Debt Relief |

Many people utilize credit cards for various reasons. Numerous Louisiana residents may have a card for emergencies, to use for specific purchases to earn points or to use in efforts to build their credit. Unfortunately for some, credit card use can get out of hand and leave them needing debt relief.

Not everyone may immediately recognize when credit card use has gotten out of hand or when using a card may not be in his or her best interests. For instance, if individuals already have a considerable amount of debt to address, whether from credit cards or other financial obligations, it may not be wise to accrue more debt due to additional credit card use. In some cases, it could be unavoidable due to other financial struggles, but continuing to use credit cards could make matters more difficult.

Additionally, if parties do not have much impulse control when it comes to spending money, having a credit card could result in increased bad shopping habits. After all, the money spent when using a credit card is not deducted right away, so some people may think that they can make purchases to pay off later. However, if the spending gets out of control, the balances may get too high to pay off as intended.

It is not unusual for high credit card debt to lead to a need for bankruptcy. Finding debt relief with this method could help qualifying parties get a better handle on their financial affairs. Louisiana residents who are struggling with credit card debt may wish to gain more information about bankruptcy and whether it could suit their needs.

Facing Overwhelming Debt?