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Chapter 7 bankruptcy and credit card debt

On almost a daily basis, the Kentucky consumer can open the mailbox and find yet another credit card offer. Some offer cash back on purchases, and others offer free airline miles. Many times, the introductory interest rate is extremely low; however, in a very short period of time, that will likely change. The constant influx of credit card offers often serves to make the use of credit cards attractive to the typical consumer. In the end, credit cards can be a problem for some and Chapter 7 bankruptcy may be the best option to get out from under their crushing debt.

The average American family carries a credit card balance of over $8,000. For some, this balance is much higher. In addition, it is predicted that overall credit card debt owed by the American consumer will exceed $1 trillion by the end of 2017.

For many families, credit card debt can easily get out of hand. Before long, the minimum payments exceed one's budgeted amount. In addition, if one is only able to make the minimum monthly payment, interest charges will add to the overall amount due. In those circumstances, the time it takes to repay the amount owed can be extensive.

Credit card debt often seems to catch the Kentucky consumer by surprise. Using  card to make everyday purchases can quickly add up. When this happens, and the individual does not see how he or she will get out from under such debt, it may be time to explore available options, including filing for Chapter 7 bankruptcy.

Source: wkbw.com, "US credit card debt to surpass $1 trillion this year, report says", Jason Meyers, June 12, 2017

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