Some California residents see debt troubles coming as their financial challenges progressively get worse. For others, the problem just seems to come out of nowhere, due to a sudden loss of employment or unexpected medical expenses. No matter how it happens, being in debt can have a number of significant impacts on an Escondido resident's life, including poor credit and harassment from creditors. So, once a trying debt situation is at hand, what is the best way to approach the problem, besides filing for bankruptcy?
Escondido residents, like millions of Americans, struggle with how to effectively manage their credit cards. No matter how problems arise, whether through unexpected medical expenses or the loss of a job, credit cards can often be a valuable emergency financial tool that can keep a family afloat during financial challenges. However, credit card debt can become a major problem if balances get too high. And when that happens, the issue of rebuilding credit can take center stage in a family's finances.
Our Escondido readers know that it can be difficult to get on the right path toward financial stability, especially after filing for bankruptcy. Daily financial hardship seems to have become the "new normal" for millions of Americans, even as thousands of people have taken advantage of the benefits of filing for bankruptcy and addressing debt over the last several years. For many people, the struggle to "get ahead" is seemingly a struggle without end. With that in mind, a recent article suggested a few tips for trying to get the most out a household balance sheet, while at the same time acknowledging the reality of financial challenges.
Most of our Escondido and San Diego readers face financial challenges from time to time, and when they do all options are usually on the table. For some, just trying to take care of necessary expenses can lead to racking up huge amounts of credit card debt. And, in the aftermath, an individual or family will not only have to deal with the debt, but most likely there will be other, less visible consequences - like a poor credit score.
The last several years included economic recession and stagnation that has been extremely hard for millions of Americans, including many of our Escondido readers. Most of the time when an individual or family is dealing with significant financial hardship, all options are usually on the table. During the years of economic turmoil, the first option may have been to turn to funds held in savings accounts. After those funds were depleted, the next option may have been to turn to credit cards.
Many of our Escondido readers probably started 2014 by making a resolution. This is a popular tradition in America, and most people experience varying degrees of success and failure in keeping these resolutions throughout the year. For some people, their resolution may have been to pay off their credit card debts in 2014. If that is the goal, a recent article provided some tips.
Now that Christmas has come and gone, most people are starting to re-gear toward the new year and getting back to the regular routine. For some Escondido residents, this simply means continuing the same old financial practices. However, the new year could leave others looking for a fresh start when it comes to credit debt.
For many Escondido residents, the onset of the holiday season means good times at get-togethers with family members and friends, shopping for the perfects gifts for loved ones and sometimes even enjoying a little bit cooler weather. But, as most people know, this is also a time of year when many Americans put their credit in jeopardy.
Many of our Escondido readers may feel lucky just to have a job in today's economy, which remains as stagnant as ever. The unemployment rate is too high and there are building concerns about American employees becoming a "part-time workforce." Nonetheless, millions of Americans do their best to attempt to stash funds for retirement, whether it is through an employer-based 401(k) or an individual retirement account, also known as IRAs. But if an Escondido resident is trying to save for retirement but also dealing with mounting credit debt, isn't that a problem?
People born in different generations usually have different approaches to the problems they encounter, and credit debt is no exception. For instance, a recent article noted that some types of loans, like car loans lasting more than just a few years and home equity loans, were less common 60 years ago than they are today. As a result, the percentage of a household's income that needed to be devoted to debt back then was far lower than it is today. Nowadays, however, even after the financial crisis of recent years, getting a loan is much easier. And it appears that many people have been taking advantage of that fact.