Thompson Law Group, P.C.

credit card debt Archives

Can I pay off my credit card debt with a personal loan?

For many Pennsylvania consumers, credit cards help bridge the gaps between paychecks. Others find credit cards useful for making large purchases. Some people simply find it convenient to swipe a card without worrying about the remaining balance. However, credit card debt can quickly spiral out of control, and paying the balance off can end up feeling like an impossible task. Bankruptcy can be an effective option for many individuals in this situation, but personal loans could also help certain people.

Credit card debt is a growing problem for college students

Debt used to seem like a problem that only people of a certain age  or those who were very poor with money ever dealt with. Now, even young adults in Pennsylvania are finding that getting through life without some kind of debt is not only difficult, but it often seems next to impossible. With a large number of U.S. college students carrying around some type of credit card debt, the problem could get worse for these young adults before it gets better.

Where is all this credit card debt coming from?

Avoiding debt may feel like an impossible dodging act. Whether taking out a loan to attend school or to purchase a vehicle for getting to work, Pennsylvania consumers might struggle to pay off their balances and debts. The problem is especially tricky when it comes to credit card debt. So what's making it so difficult for people to pay off their credit cards?

Credit card debt is a big problem

Having and using a credit card is not inherently bad. Many Pennsylvania consumers use credit cards for added security when making purchases or to earn rewards points for making additional purchases. There are also downsides to using credit cards too, especially when it comes to overspending. For some consumers, ending up with too much credit card debt is easier than they may believe.

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