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Bankruptcy and new habits may provide financial stability

Ohio consumers who are fighting a battle against overwhelming credit card debt may find comfort in learning that remedies are available. Some believe that many people's financial problems are caused by a few bad spending habits. Habits are hard to break, and recognizing the problem may be a good start. It may be necessary to go through personal bankruptcy before starting fresh with healthier money habits.

While automating payments is a good way to ensure that all payments are made on time, many consumers who use automation then stop reviewing their credit card statements. Special settlement offers or incorrect charges that are missed can have an adverse impact on a person's financial health. Paying only the minimum required amounts on credit cards is another bad habit that leaves a consumer stuck with debts for many years because only the interest is paid without reducing the principal amount.

Giving in to marketing gimmicks, like a two-for-one deal, can also cause accumulated debts if done regularly. If such items would not have made it onto the shopping list had it not been on promotion, it is not a bargain but an additional expense. Furthermore, a significant number of consumers fail to maintain an emergency fund, leaving them no other option than to reach for their credit cards in emergency situations such as car or appliance repairs.

These are seemingly insignificant habits that can snowball into unmanageable debts. Procrastination may exacerbate the situation because the sooner steps are taken to remedy the situation, the better. Ohio residents who are unable to get out of the spiral of credit card debts may be surprised to learn about the protections offered by the U.S. Bankruptcy Code. A consultation with an experienced bankruptcy attorney can provide the necessary information that will allow consumers to make informed decisions about obtaining financial stability.

Source: cheatsheet.com, "Money Management 101: 5 Foolish Financial Habits to Break Now", Megan Elliott, April 19, 2016

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