You have to understand the rules of the US economy if you wish to succeed financially. The American economy is largely based on credit, and this can be a good and bad thing. Chapter 7 and Chapter 13 Bankruptcy lawyers in Denver know that sometimes all this readily available credit does not help a consumer who struggles to make ends meet. The temptation to buy more now with a credit card and pay it off later little by little may be too great. People in Highlands Ranch, Littleton, or Castle Rock may not keep track of their credit purchases as carefully as they should, and this leads them to spend more than they can afford, and that leads to unexpected financial distress when they are unable to pay off those credit card bills.
Credit can have dangerous consequences in Englewood, Aurora, or Lakewood. United States consumers are in trillions of dollars of debt. But, the answer is not simply to get rid of credit completely. It is difficult to be a contributing and functioning member in society without a credit card. For example, car rental companies will not rent to people who have no credit card, and it is difficult to make internet transactions without a credit card. Credit cards can be a good thing. They just have to be properly managed.
The system is not perfect, but it is what is in place. If you hope to apply for credit at any time in your life, you have to build your credit and credit score beforehand. Unfortunately, for many people, using too much credit has gotten them into trouble. Credit is a necessary risk in this society, and there are many variables that are out of our hands which might keep us from paying back our creditors on time.
Credit should be used carefully. It may seem like a round-about way, but putting expenses on a credit card that you know you can pay off completely at the end of the month does not cost any money, and it is a positive tool in helping to rebuild your credit. But you must be disciplined. Never let a credit card balance go beyond one month if at all possible.
Having a credit card does give you a license to spend above your means. Monitor your credit charges carefully, and make payments on time so that creditors do not have a reason to decrease your credit score.
If you have lost control of your finances because of credit card debt, contact experienced Denver Bankruptcy lawyer Barry Arrington at 303-205-7870 for your best, fresh start possible.