How to tell if you are in Serious Troubleby Melvin Singleterry (Associated Attorneys)
Check Your Statements for Fees
One of the things that lead people into debt the most is the fact that they cannot catch-up with the fees that are being charged to their accounts. There are several fees that can be charged to your account each month such as a late fee, over the limit fee, interest, return check fee or simply just an account maintenance fee. These fees can really begin to add up over time, and combine it with the fact that you may only be making the minimum payment and you can find yourself in trouble quite fast.
Cash Advances from Your Credit Card
People who are in debt often come to a point when they no longer have the money in their bank account to cover the payments on any of their bills and will begin to use the cash advance section offered by their credit cards in order to try and pay the bills that are past due. The only problem is that the interest that is associated with these cash advance loans is extremely high and can get you into a great deal of debt rather quickly.
Some people choose to skip paying their bill in a month when money is tight. They feel that they will be able to pay the bill next month and will just take the hit of the fee. The only problem is that the first missed payment is just a gateway into a string of missed payments. The one month can quickly turn into 6 months which eventually leads to collections after an entire set of fees has been piled onto your bill.
When you have a credit card account that goes into collections it can greatly hurt your credit score. Not only is it showing that you do not honor your commitments, but it will also be the beginning of many annoying phone calls and letters. It is incredibly difficult to hide from a collection agency. Many of them do not follow the proper laws and limit when they call and they do not care about your situation, but are just simply interested in collecting a debt. This will eventually make you want to cringe every time that you phone rings. The debt needs to be settled for if it is not eventually legal action may be taken against you depending on the card company and the amount of the debt.
Credit card debt can be quite the slippery slope, and it is not easy to know exactly how to handle it. If you are unable to find a way to get your debt back on track you should contact a legal professional that will help you in your endeavor.
The downward spiral to financial ruin can be halted. As difficult and unsettling as unmanageable credit card debt can be, consumers can get credit card debt help. Without doubt, the safest and most effective kind of help is debt settlement or debt relief by a licensed attorney at law.