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Credit Card Debt Archives

Do you get the post-holiday blues when the bills arrive?

Many people experience depression around the holidays, trying to live up to some impossible standard of perfection of decorating, gift-giving and preparing holiday meals that is just not possible to achieve. Still others suffer from the post-holiday blues when the credit card bills start rolling in.

Credit card debt in many households

Kentucky is not one of the states with one of the highest credit card debt in the country, but many people who live there may carry credit card debt. In all, people in the United States have $3.4 trillion in consumer debt, and $929 billion of that is revolving debt. Around 38 percent of all households carry credit card debt with a mean of about $5,700.

Credit card debt can be a serious problem

Many Kentucky residents realize that while credit cards can be very helpful, they also carry a number of downsides. Although they can help people deal with unexpected emergencies, such as vehicle repairs or medical bills, most credit cards tend to carry high interest rates and can prevent people from being able to save for the future.

Credit card mistakes

Many people in Kentucky use credit cards as a way of managing their personal finances. Unfortunately, common mistakes can have a catastrophic effect on a credit card user's financial situation.

Pros and cons of refinancing a business credit card

A small business in Kentucky may deal with major swings in financial matters in the early years of activity, and a business credit card could be an important tool for making it through leaner times. However, a credit card can be mishandled, resulting in growing debt. In some cases, refinancing offers the ability to reorganize financial details so that they are more manageable. However, it is important to evaluate both positive and negative factors before refinancing.

Ideas for paying off debt faster

While debt is often common and necessary for those going to school, opening a business or buying a home, debt can accumulate quickly and become harder to pay off than one anticipated. Important aspects of paying down debt seem to be persistence and making continual progress, and Kentucky residents might be able to follow a few tips to get rid of lingering financial obligations.

Avoiding credit card mistakes in Kentucky

The average consumer in the United States has a FICO score of 695. However, the average millennial has a FICO score of 670, and part of the reason for this is their propensity to apply for credit cards that they cannot obtain. Another mistake is their propensity to apply for credit cards too often. Ideally, an individual will wait at least six to 12 months between applications.

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Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

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