Throughout North Carolina and the rest of the United States, one out of every five American consumers do not know if they owe money on their credit card. Three out of every 10 Americans have no knowledge regarding the interest rates on their lines of credit. In a new online survey, 24% of the participants owed money in excess of $10,000 while 21% of the consumers did not have a clue as to whether they even had any debt.
If you declare bankruptcy, it is crucial to learn how to budget in the future. If you use Chapter 13 bankruptcy and have a repayment plan, your budget is a critical part of determining how that plan should work and what you can afford. If you use Chapter 7 bankruptcy and liquidate your debt, your budget helps you make sure you don't wind up in debt again.
The profile of credit card debt is changing for many young people in North Carolina. Millennials were once known for their aversion to overdue bills, especially as many of them became adults and entered the workforce during the 2008 financial crisis. As a result, many of them steered clear of credit cards. However, as millennials' salaries have grown and card issuers have developed new offers that are particularly appealing to younger people, they have taken on a growing burden of debt.
Life has a way of getting ahead of us. Maybe you got into a car accident and couldn't work for several weeks. Perhaps an unexpected bill, like a busted furnace, threw a wrench in your budget. Regardless of how it happened, when you fall behind with your bills, it can become impossible for you to recover financially.