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Surprising Reason Behind Large Credit Card Balances Atlanta, GA

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Surprising Reason Behind Large Credit Card Balances

It comes as no surprise that Americans are carrying a lot of debt. Rising debt seems to be the norm for many American families. Credit cards are a great option for purchases that fall outside of the monthly budget, or for emergency household or car repairs. The goal is to pay off the balance as soon as the credit card statement comes in the mail, but for many, that is not an option. More and more consumers are using credit to cover regular household spending. One of the biggest surprises in credit card balances? Groceries.

Using Credit for Daily Living Expenses

According to recent reports, the average credit card balance is $6,200. This amount of debt can place a heavy burden on consumers. Rising costs in healthcare and education are partly to blame for the increase in debt, as is the fact that credit cards are more easily attained. Grocery prices have increased significantly in response to the COVID-19 pandemic, further burdening consumers, many of whom place the weekly groceries on a credit card. For some, the pandemic has led to job loss, placing even more stress on consumers.

Steps to Reduce Debt

If you find yourself in a debt spiral, here are some options that may help:

  • Make and keep a budget. This is an important step for everyone. Make sure you properly document your expenses and track every dollar.
  • Negotiate your debt. It’s a good idea to keep an open communication with your credit card company. Explain your difficulties and see if an arrangement can be made. Your credit card company may offer to reduce your interest rate or the monthly payment amount.
  • Pay off small debts first. Concentrate on paying off the debt with the smallest balance first. When that debt is paid off, concentrate on the next highest. This strategy can help pay your debt off faster.

If you are burdened with high credit card debt and do not have a way to pay it off, bankruptcy may be an option for you. The office of Gingold & Gingold has the experience you need to file bankruptcy and get you back on your feet quickly. Fill out a contact form or call us today to schedule a consultation. Let us help you get the fresh start you need today.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (678) 915-2634

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    Our Client Reviews

    Gingold & Gingold LLC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    All C.

    Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Sherard W.

    I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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