Many people in North Carolina are struggling with insurmountable amounts of credit card debt. This is especially true if they have paid for some significant expenses on credit or their income has declined after signing up for new credit cards. Across the country, people are accumulating increasing amounts of debt; the average individual debt reached $5,331 in 2019 on credit cards alone. Most people are unable to pay off their full balance each month; only 45 percent pay in full when they receive their monthly statements.
It can be easy to look away and not pay attention to your troubled finances. However, even if “out of sight, out of mind” works for you, your finances will not get better by ignoring them. When you do not stay involved in your finances, you may not only miss when a major financial collapse is imminent, but you will not be prepared for it. One thing that can really help stave off any major financial problems is recognizing when a disaster is about to strike.
Every year, over 530,000 Americans file bankruptcy. However, you may still associate it with a negative stigma. Many people associate bankruptcy with irresponsible credit card spending or poor financial management, but the truth is far more complicated.