Ast & Schmidt, P.C.
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You're not alone if these issues have caused you credit card debt

As in most states, the economy in New Jersey fluctuates. The state and national economy might, at times, affect your personal financial situation. Other issues, too, might throw your financial train off its tracks. The good news is that most financial problems are temporary. It's all about knowing what type of support to seek or what type of action plan to implement if a problem arises.

It's no secret that some financial problems are a lot more serious than others. Even when you think there are no viable options to help you obtain debt relief, however, you might be surprised to learn that debt relief, such as bankruptcy, might be able to help you get rid of debt and lay the groundwork for restored financial stability down the line.

Skyrocketing interest rates do lots of damage

You might have the best of intentions to pay off your credit card balance each month. If unexpected issues arise, such as needing car repairs or even an invitation to a party and having to purchase a gift, it might cause you to overspend on your budget, thus leaving a balance you can't pay.

If this happens several times, your interest rate can soar, which can wind up causing even more debt, and possibly sparking a full out financial crisis.

Medical bills and other emergencies

You might be one of many people in New Jersey who have used your credit card to pay a medical bill. Even if you have a decent insurance package, medical care is expensive. If an urgent issue arises, you might not be prepared to meet your co-pay or to pay for treatment not covered under your insurance plan. Paying medical bills on credit is one of the most common causes of high credit card debt.

Multiple cards and rewards can be problems, too

It might initially seem like a good idea to have more than one credit card. It might also appear to be to your benefit to use cards that offer rewards for spending. However, both issues can be problematic if you're unable to pay off your balances or you are spending more than the rewards are worth. 

If your finances have gotten out of hand and you're worried that you might start losing assets, it's a good idea to discuss your situation with someone well-versed in debt relief options and state laws. There may be several alternatives available that you were not aware of to start. 

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Ast & Schmidt, P.C.

Ast & Schmidt, P.C.
222 Ridgedale Avenue 3rd Floor
P.O. Box 1309
Morristown, New Jersey 07962

Phone: 973-984-1300
Fax: 973-984-1478
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