For many consumers in Maryland and across the nation, the convenience and possible rewards involved with using a credit card for purchases may appear enticing. However, with high interest rates and substantial penalties on late payments, there may be some inherent disadvantages to using a similar form of credit. Credit card debt remains one of the leading causes for financial struggles, and similar concerns have led many to pursue relief through consumer bankruptcy.

While a person can use a credit card to purchase nearly anything, financial experts suggest that certain transactions should be avoided at all costs. For instance, those who owe money during tax season could consider using a credit card to cover the bill. However, with high interest rates on most credit accounts, a personal loan could be a much more viable option in times of financial need.

While medical emergencies can leave a person facing substantial amounts of debt, experts also suggest that using a credit card to pay for treatment could also prove detrimental. Since it is generally advisable to keep balances on such accounts at a minimum or paid off, one may also find it advisable to avoid placing major purchases on a credit card. For those who are pursuing a college education, the interest rates on a student loan are typically much lower than those on a credit card.

Significant amounts of credit card debt can weigh heavily on a person. Those who wish to pursue relief from similar debts could find it beneficial to consult with a consumer bankruptcy attorney. An attorney can work with a client in Maryland and assist him or her in forming a strategy to reduce or eliminate debts and work toward regaining financial stability.

Source:, “Here are six expenses you do not put on plastic”, Kenneth Kiesnoski, April 17, 2018