Some Arkansas consumers may have joined millions of others in spending more than they intended to over the holidays. Unfortunately, spending may lead to more debts and more bills. January is typically the month when consumers start strategizing on how to pay their credit card debt. Out of desperation, some consumers resort to digging into their emergency funds or life insurance to pay credit card debt.
Many people immediately assume that someone who carries a lot of credit card debt is an irresponsible person, or that they simply don't understand "the concept of money." To be fair, these stereotypes could be true of some people. But there are many people out there who are carrying credit card debt because they had to make an unexpected or extreme purchase for their livelihood, or for the betterment of a loved one.
It is easy to think that people who carry significant credit card debt are bad with their money. Many people may assume that these debt carriers simply can't curb their personal spending habits, or that they can't recognize when they need to save their money for a more important time.