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The first rule of using credit cards is to pay off all charges within the same billing cycle. Cards come with high interest rates, which compound to what you owe. If you have credit card debt, there are many ways your life and emotional well being can be affected. To help you understand the importance of paying this off as soon as possible, here’s more information about some of the effects you may not have anticipated.

How Can Credit Card Debt Effect You?

1. Employment

Many employers conduct credit checks on prospective employees. This is especially common in banking, retail, and government. If you’re neglecting your other bills because you’re paying off credit card debt to avoid interest, those late payments will show up on your credit report. This can get in the way of landing your dream job.

2. Housing

Credit Card DebtPeople with high amounts of debt may have to work with debt relief lawyers before purchasing properties. This is because both lenders and property owners look at a potential buyer’s credit score before considering approval.

A poor credit score can also make landlords believe you’re unreliable. If the landlord does approve you, they will probably require larger security deposits and several months’ rent in advance.

3. Mental Health

Monthly bills, accompanied by account statements, serve as constant reminders of the debt. When you continuously try and fail to pay off the amount, feelings of depression, anxiety, and frustration can accumulate. This problem has become so widespread that many therapists now offer counseling that focuses on the emotional fallout of financial stress.

 

Once you have amassed significant credit card debt, paying it off and keeping up with interest can seem like an impossible task. In these cases, Robert A. Schwartz can help you file for bankruptcy to get you back on your feet. The firm has been providing debt relief services for over three decades in the metropolitan area of Rochester, NY. Learn more about their work online or call (585) 334-4270 to schedule a consultation.

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