As the economy grows, many individuals in California may feel less hesitant about taking on heavier debt loads. However, while a credit card balance may appear manageable at first, if an individual falls behind on payments, the consequences can be severe. Not only can similar issues pose a threat to one's financial stability, but studies suggest that they can also have an impact on a person's well-being. Those who wish to prevent such harm could find it beneficial to consult with a bankruptcy attorney for guidance in pursuing relief.
According to reports, nearly half of all individuals who sign up for a credit card carry revolving balances each month. With high interest rates on many credit card accounts, a similar situation could prove detrimental, as a person's balance may continue to rise if he or she isn't able to pay the balance off in full. Studies suggest that the average card holder pays amounts in excess of $900 each year in interest alone.
While debts can have a substantial impact on a person's finances, studies also suggest that these issues can be physically and mentally unhealthy. Monetary concerns can lead to constant worry and sleepless nights, both of which can have devastating consequences. Constantly dealing with heavy debt loads can also leave a person suffering a lesser quality of life for prolonged periods.
Many individuals in California place a great deal of importance on both their health and financial stability, and they may wish to take measures to protect each aspect of life. However, with little experience in the area, an individual who wishes to pursue relief may need assistance in the process. A bankruptcy attorney can provide a client with guidance on each available outlet for relief and subsequently assist him or her in pursuing a healthier financial future.
Source: USA Today, "Why credit card debt can be bad for your health", Jessica Dickler, Feb. 19, 2018