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Mounting credit debt can be addressed through Chapter 7

With the holidays just around the corner, many Americans are planning their gift purchases for friends and loved ones. However, here in Kentucky and elsewhere in the nation, many households are still paying down accrued credit card debt from last holiday season. Credit debt is a major problem for many American families, but thankfully there are a variety of options available to address it, from debt consolidation and credit counseling to Chapter 7 bankruptcy.

Finance experts have previously noted how easy it is to get caught up in the spirit of the season and to spend well over an established holiday budget. This is made even easier with credit cards, which allow consumers to borrow against an extremely high interest rate but are also extremely convenient to use. This year, some 73 percent of Americans plan to pay for their holiday purchases using a credit card.

Another option made attractive to holiday shoppers are shopping loans, which are offered by some retailers at the point of sale. This involves paying off a purchase in installments, but some experts warn that interest rates may be high, and the plan's fine print can be confusing and even misleading. This could take shoppers down a path of debt that is just as difficult to retreat from as any credit card.

Navigating holiday spending can be a minefield, especially when it accrues debt. While many Kentucky residents are able to make their payments on time, some families struggle under debt that has become unmanageable. For these families, it may be worthwhile to consider Chapter 7 bankruptcy as an effective way to clear existing debt and reboot the family's finances.

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

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