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Chapter 7 just one way to handle credit card debt

Credit card debt is a costly and pervasive issue that affects many American households. Here in Kentucky, individuals and families struggle under many different kinds of debt, but few that are accrued on a day-to-day basis. Thankfully, there are a variety of ways to handle unsecured debt of this type, from simple budgeting strategies through to Chapter 7 bankruptcy.

It might seem counterproductive to say so, but savings are a must when paying down credit cards. The reason for this is because most people will encounter unforeseen challenges and costs at some point, and if that individual has no savings, he or she will likely default to a credit card to shore up the difference. Having money put away for emergencies makes it less likely that debt will accrue from unplanned expenses.

For some people, credit becomes an extension of a paycheck -- a requirement to make ends meet. This is of course not a good way to see that debt reduced, so many people can benefit from credit counseling services that teach budgeting strategies. By weaning off the reliance on a credit card, an individual or family can work toward escaping a life of living paycheck to paycheck.

Of course, some Kentucky residents are handling debt that outstrips the above strategies' ability to reduce it. For these individuals, Chapter 7 bankruptcy might be an option to consider. Filing for bankruptcy can help wipe away unsecured debt and provide a fresh start to a family that had been previously plagued by outstanding payments, collections agencies and the stress that can result from carrying too much debt for too long.

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Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

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