There are many misconceptions concerning the topic of financial hardship, and one of the most common relates to reckless spending and credit card debt. While it is true that overspending can result in credit card debt, this isn’t always – or even commonly – the reason why people struggle with overwhelming credit card balances.
Millions of people in the U.S. struggle with household bills through no fault of their own. Credit cards can serve as a lifeline when a family’s budget can’t stretch and needs must be met. But they can also become a serious burden when balances come due and there is no income available to meet those obligations.
The U.S. health system operates on an insurance basis. Sadly, some people do not have coverage or discover that their policy does not cover certain expenses. Thus, they may have no choice but to use their credit card to pay substantial medical bills. When the choice is between not seeking necessary treatment or paying the costs on credit, it is understandable when people opt for the latter.
Less than one year ago, storms tore through Pearland and the surrounding areas. Sadly, this resulted in thousands of dollars of damage to numerous homes. Insurance companies often make it as difficult as possible for consumers to receive payouts under these circumstances, and credit cards may be the only way that affected parties can repair their homes. House repairs don’t come cheap, and credit card debt can soon spiral out of control as a result.
You may feel isolated when struggling with credit card debt. However, it’s important to remember that you are not alone and you do have options. Seeking legal guidance can help you to receive the support that you need when navigating particularly challenging financial circumstances.