Law Office of Judith A. Descalso Law Office of Judith A. Descalso

Credit Card Debt Archives

Focus is the key to paying off credit card debts

When the calendar rolls over to a new year, many Escondido residents set about making changes in their lives in accordance with New Year's "resolutions." For some people, the resolution will be to begin to tackle their credit card debt. This is oftentimes easier said than done, as many people are left without options to earn more income, or they are facing a debt situation that might simply be insurmountable. However, according to a recent article, those who are going to make an effort to pay down their credit card debt need to do one thing in particular: focus.

Two different approaches to credit card debt

In the coming weeks, many Escondido residents will be thinking the same thing: How will I pay off these credit card balances? After all, many people in California and throughout the country have been spending the last few weeks buying gifts for friends and family members as the holidays have been approaching. Then, January rolls around, along with the credit card statements. A recent article noted two different approaches to paying off credit card debt - one fast, and one slow.

Credit card debt and the holidays go hand-in-hand

Most people enjoy the holiday season, but for some it can be a time of year when the desire to make family members and friends happy with the right gift can also lead to an increase in credit card debt. A recent article noted the connection between the holidays and credit card debt, and offered a few tips to avoid certain mistakes when shopping for gifts this season.

Will paying the minimum payment get you out of credit card debt?

Everyone has bills to pay, and most people try to make sure they pay those bills on time each month. While failure to pay the electric or water bills might mean those services get cut off temporarily, failing to pay other bills, like a mortgage or a car loan, might result in even greater consequences, such as foreclosure or a car being repossessed. But what about credit cards? What are the consequences for those bills? Will paying the minimum payment each month ever get you out of credit card debt?

Are credit card rewards really worth the debt you'll accrue?

Tens of millions of Americans have at least one credit card. Using credit cards for purchases of all kinds is so common that it is estimated that Americans as a whole owe hundreds of billions of dollars in credit card debt. For some, credit cards are considered an absolute necessity - they wouldn't be able to make ends meet without them. However, for others credit cards are used for the all-important "rewards" they offer. Bonus points, cash back and travel incentives are all very common rewards that credit card companies use to entice consumers to make purchases. But, are those rewards really worth the debt that will be accrued with credit card use?

Paying down credit card debt can help rebuild credit score

Many people in Escondido are looking for ways to address their financial challenges. For some, they may be getting behind on their mortgage payments. For others, student loan repayment has become a real issue. But, for many, the greatest financial problem they have is credit card debt.

Debt consolidation versus bankruptcy

When Escondido residents begin to realize that their financial situation is starting to become a major concern in their lives, most will attempt to find a solution to the problem. Financial difficulties can begin for a variety of different reasons, such as job loss, the sudden onset of a medical condition or the steady build-up of debt. In essence, financial challenges can occur suddenly, or they can build over time. When debt is the source of the problem, some Escondido residents will come down to two choices: debt consolidation versus bankruptcy.

Discharging credit card debt with Chapter 7 bankruptcy

Many Escondido residents may not know the difference between secured debt and unsecured debt. Secured debt is something like a car loan or a mortgage - the loan is tied to an item of physical property. Unsecured debt, on the other hand, is something like credit card debt. Why is this difference important? Well, mainly it's because unsecured debt is a prime candidate for discharged in a Chapter 7 bankruptcy filing.

Debt is an ever-present factor, even with economic improvement

For many of our Escondido readers who turn on the evening news, many will note that there are regular reports regarding the current health of the national economy. To hear the news reports tell it, the economy is as healthy as it ever was, with the stock market soaring and the job market continuing to recover. However, for many people there is one economic issue that they still see every time they open their mailboxes or answer their telephones: debt.

What are some crucial steps to address credit card debt?

Many Escondido residents probably start to get a bit worried when they see that they are accumulating credit card debt at such a rate that they cannot pay off the balances in full each month. As many financial experts have noted, carrying over credit card debt on a month-to-month basis is essentially the most expensive way to borrow money. So, many people who find themselves in this position may be asking, what are some of the best steps to address credit card debt?