BACK-TO-SCHOOL SEASON CAUSED INCREASE IN CREDIT CARD DELINQUENCY

When times get tough, many people in Ohio and the rest of the country lean on credit cards for support. Whether you lost a job, went through an expensive divorce or just have more expenses than normal, credit cards are there to get us through.

A good example of a time when credit cards get more use than normal is back-to-school season. Akron residents who have children know how expensive it can be to purchase new clothes, backpacks and school supplies each year. Because your kids need them, however, you pull out your credit card and plan to pay it off later. Paying it off later, however, is not always that easy.

The latest data on credit card delinquency rates shows that it rose in the third quarter -- most likely due to back-to-school season. The rate of delinquent payments -- those that were 90 days or more past-due -- rose to 1.36 percent from 1.27 percent. Although this remains low compared to past years, the delinquency rate is expected to climb even more during the holiday season.

The holidays are an expensive time of year for many people. Adding hundreds of dollars in gifts to the rest of your basic expenses can leave anyone facing financial difficulties. Fortunately, there are ways to get out of credit card debt. While some people can pay down their debt through reduced spending and a payment plan, others who have found themselves so far in debt that paying it off is unrealistic may want to consider bankruptcy as a way to find relief.

Source: Associated Press, "Late-payment rate on US credit cards rose in 3rd quarter," Nov. 20, 2013