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Bankruptcy: Use of credit cards may promote overspending habits

Issues with overspending can have a significant impact on a person's financial future. When combined with the ease of access and use of credit cards, the results can be devastating. Individuals in California who experience prolonged periods of financial struggle under similar circumstances may find it helpful to seek guidance on their available options for relief, such as bankruptcy, but deciding on a path for relief can be an intimidating process.

In previous decades, individuals may have had fewer available options to help fund purchases they could not afford. However, with the recent rise of credit card usage, there may be a multitude of consumers who take on a buy now and pay later frame of mind. With interest rates reaching as high as 30% on some credit cards, a similar mindset could leave a person facing a seemingly insurmountable financial hurdle in the future.

While accumulating high levels of debt due to overspending habits might not seem like a healthy financial choice, experts indicate that similar circumstances are all too common. According to recent reports, nearly 80% of outstanding credit card accounts consist of balances that consumers carry for months or even years. Experts also say that results from a recent survey indicated that many consumers admitted they either would not be willing or able to alter their spending habits, despite the hardships such a decision could bring about.

Individuals who encounter substantial financial hardships due to issues with overspending and credit card debt may wish to seek monetary relief, but they might need guidance in the process. Fortunately, there are attorneys who can examine a person's situation and provide guidance in making informed decisions about his or her financial future. A bankruptcy attorney can help a client in California better understand all his or her available options and assist in forming a strategy to pursue relief from the burdens of debt.

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