What is too much credit card debt?

What is too much credit card debt?

| Mar 9, 2020 | Firm News |

When it comes to credit card debt, there is no magic number that society considers too much. Some in Michigan may use their credit cards only for emergencies, but others find it a convenient way to manage their budgets. What may be a comfortable amount for one person may keep another awake at night. In fact, financial advisors consider this to be one of the signs that a person may have taken on too much credit card debt.

It is not uncommon for a consumer to carry more than one credit card. Some may have dozens, but being unable to keep up with even the minimum payments on them is a sure sign that a consumer has overextended. Carrying a balance from month to month and watching that balance increase is a dangerous pattern.

A cardholder may soon find that credit card bills take up most of his or her paycheck. If this leads to using one card to pay the bill on another, it may be time for a careful examination of one’s financial options. This may be an urgent situation if more than one credit card is at or over the spending limit and the cardholder begins to deal with harassing calls from creditors.

Making minimum payments on credit card debt is rarely an efficient way to pay down the balance and get out from under the debt. Credit card debt can become a burden that can affect one’s credit, cause stress that can wreck one’s health and even damage a person’s relationships. By reaching out to a Michigan attorney, it is possible to find debt relief options that are most appropriate for a consumer’s unique circumstances.