In an economy like that of Wisconsin and the United States, credit cards play an important role, offering convenience through cashless payments to make both major minor purchases. Nonetheless, consumers need to pay off their credit card debts each month to avoid debts that mount with ever-higher interest rates and to avoid being cut off by credit card companies.
The numbers are in: for the last three years, the number of people filing for bankruptcy, including in Wisconsin, has gone down. There were just over 22,500 filings in the state in 2013, according to U.S. Bankruptcy Court records, a 9.5-percent decrease from 2012. Chapter 7 bankruptcies that can wipe out credit card debt, medical debt and utility bills represent 75 percent of the filings. This year, bankruptcy lawyers expect that filings will remain the same or drop lower.
Military service personnel, including those in Outagamie, Wisconsin, risk their lives to serve and protect our country. During deployment, however, these military personnel are at risk of accumulating credit card debt.
Wisconsin residents know that holiday overspending using plastic leaves many people with substantial debt that can take years to pay off. The best way to deal with the problem is to understand the realities of credit card debt and make more informed decisions.
While some Appleton, Wisconsin, residents are taking advantage of occasional sales at malls and different department stores, other people are saving up and waiting for Black Friday. The day after Thanksgiving, often known as Black Friday in the retail world, is a day when hundreds of people line up outside of stores and enjoy great deals and discounts. However, many retail businesses will make Black Friday an opportunity to offer perks that may attract consumers to sign up for store credit cards, which potentially result in credit card debt and more personal expenses.
Appleton and Outagamie County, Wisconsin, residents are among the 1.5 billion credit card users across the United States. The Credit Card Accountability Responsibility and Disclosure Act provides some protection to credit card users, the consumer still needs to use credit responsibly. Failure to do so could lead to unmanageable credit card debts. For this reason, consumers should be aware of some common mistakes when it comes to credit card usage.
For Appleton and Outagamie, Wisconsin, residents, receiving their first credit card can be very exciting. However, plastic money with all its perks and privileges also has its drawbacks. Taking credit cards for granted can cause mountainous bills that not only affect a person's financial standing but everyday life as well. For this reason, first-time credit card holders should keep the following tips in mind.
The economic turn that many Americans experienced is a time for celebration as Americans begin to see the light at the end of the recession. The lessons learned about reducing debt during that time were life-saving and many Americans, including Appleton residents, should be mindful not to go back to the old ways of accumulating credit card debt.