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People more wary of overwhelming debt from credit cards in 2012

The recent recession is still fresh on the minds of many people, especially in an economy that has not fully completed its slow recovery. One of the main causes of the recession, according to many economists, was overwhelming debt from consumers using their credit cards in Texas and elsewhere. However, there are now signs that consumers are using their credit cards more wisely. The total amount of credit card debt this year will be significantly less than what was previously predicted for the U.S.

Experts are predicting now that 2012 will end with $36.4 billion more credit card debt than when the year started. Although this may sound like a large increase, it is less than what was previously projected at $43.5 billion. This suggests that consumers are taking on debt at a slower pace. On the other hand, experts are warning that consumers still need to alter their spending habits.

Financial commentators are suggesting that consumers stay away from retailer financing plans commonly offered to purchase items, such as furniture. Consumers should also make sure to utilize any unused gift cards by either using them for needed items or by selling them at online exchanges for gift cards. Also, people should be on the lookout for zero percent balance transfer offers from credit cards in order to save money on interest.

If a person is not careful with credit cards, he or she can easily become buried in overwhelming debt. This could become a financial disaster for many consumers in Texas and elsewhere. On the other hand, there are still options available for those who find themselves in such a predicament. One common method for debt relief is through filing a personal bankruptcy in order to discharge unsecured debt, including debt from credit cards.

Source: Deseret News, "Consumer credit card debt down, but CEO says consumers need to change their spending habits," Amberlee Lovell, Dec. 10, 2012

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