How To Handle That Credit Card

Are credit cards good or bad? Obviously – like guns and computers – it depends on how you use them. Insurmountable credit card debt is a leading reason why so many people in Illinois file for bankruptcy, so it’s imperative to use credit cards properly. If your credit card debt becomes insurmountable, you’ll probably consider bankruptcy, which may or may not be the best option for you personally. If your debts are rising faster than you can pay them in the Chicago area, and there’s no end in sight, speak at once about your circumstances with an experienced Chicago bankruptcy lawyer. Here are some recommendations for smart credit card use:

– Don’t use a credit card after you’ve been terminated or laid off. Piling up new debts when you have nothing coming in is never a good idea. Limit your purchases and find some other way to pay for them.

– Don’t use your credit card if you’re depressed, fatigued, sick, or intoxicated. In fact, it’s a good idea to postpone any credit card purchases for at least one day. After thinking it over carefully, you may be glad that you didn’t make that purchase.

– Don’t use more than 30 percent of your available credit. If you exceed your limit, you may be slapped with a surcharge, and if an emergency pops up, you won’t have the credit you need.

Stay under your credit limit, make your payments regularly and on time, and you’ll probably avoid credit card problems. Of course, emergencies and unforeseen circumstances can push even the most responsible credit card users into substantial debt. If your debts are overwhelming you, bankruptcy may or may not be the remedy. In the greater Chicago area, if your debts are mounting, discuss your options with an experienced Chicago bankruptcy lawyer as quickly as possible.