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Chapter 7 bankruptcy can help with credit card debt

Credit cards are a common feature in many people's wallets. While it can be difficult to imagine a life without easy access to these lines of credit, high interest rates can make it difficult for some people in Kentucky to repay what they owe. For some, Chapter 7 is the best option for handling overwhelming consumer debt. 

Experts recently reported that total consumer debt is on the rise, but it is not all bad news. While Americans are borrowing more, they are also doing a good job of paying it back. Default rates for the first half of 2018 are about the same as they were in 2017 despite most consumers having a bit more they need to pay back. 

While the overall trend seems to be good, credit card default rates have a bit of a different story. From Jan. through April 2018, defaults on credit card accounts rose each month. The default rate finally hit a decline in May, which continued through June and July. 

Even if people only miss two or three credit card payments, the resulting interest rates and late fees can be astronomical. Added on top of already hefty balances, Kentucky consumers may quickly feel the pressure of insurmountable debts that they may never be able to repay. In such cases, Chapter 7 bankruptcy might be an appropriate option to consider. When individuals are no longer able to pay their bills and are overwhelmed by debt and harassing creditors, bankruptcy provides a proven path to a better, more financially secure future. 

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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