Mississippi and credit card study: What exactly does it mean?

On behalf of The Rollins Law Firm posted in Debt Relief on Tuesday, August 19, 2014.

Mississippi has a prominently high ranking in a recent study focusing upon credit card use, and it’s kind of hard to say anything concrete about what the findings fundamentally mean.

So says a writer for the Jackson Clarion Ledger, who posits a certain ambiguity in the research results compiled on behalf of the national Consumer Financial Protection Bureau.

At the outset, notes Jeff Ayres, some self-congratulatory backslapping and fist pumping by state residents seems duly warranted, given the high mark rendered Mississippi relating to credit card complaints.

Specifically, the study notes that, excepting only North Dakota residents, Mississippians complain less about credit card companies than do persons living in any other American state.

On the one hand, writes Ayres, that seemingly indicates that most state residents use their cards responsibly and have nothing to complain about. On the other hand, though, the columnist states that the findings could simply underscore that “we’re gleefully charging our way into oblivion.”

Which is it?

Mississippians are certainly quite similar to residents in other states regarding their credit card use. Some consumers have total control over their cards, of course, while things can get a bit dicey for other card holders.

This blog and many other sources across the country have noted the potential for credit card use to become problematic for some users, resulting in onerous payment obligations and, sometimes, a slide into insuperable debt challenges.

A notable fact about many card-use problems is that they were precipitated by other financial challenges beyond an individual’s or family’s control, such as unexpected medical debts or a job loss.

Many people might not know that credit card debt is among the unsecured sources of debt that are dischargeable under bankruptcy law.

A Mississippi consumer with questions or concerns regarding credit card exactions or other debt matters can receive candid and confidential advice from an experienced Mississippi bankruptcy attorney.

Source: Jackson Clarion Ledger, "In Mississippi, we love our credit cards," Jeff Ayres, Aug. 7, 2014

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