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Chapter 7 not the only way to handle credit card debt

Many Americans fear for their financial future. In the current economy, debt runs rampant -- particularly credit card debt, one of the most difficult types of unsecured debt to discharge. Thankfully for Kentucky residents facing serious debt problems, Chapter 7 bankruptcy option when debt consolidation and repayment options have not solved the issue. 

A consolidation loan is often  used to pay down credit card debt at a significantly lower interest rate than simply paying down the principal debt itself. Multiple credit cards can be consolidated into a single monthly payment that allows the individual to pay off existing debt all at once. Of course, a minimum credit score is required in order to qualify for the consolidation loan. 

A balance transfer card is also a potential option. Balance transfers allow for the transfer of credit card balances to a single card that typically offers limited or no interest for a given period. It is important to be aware that such transfers often involve a fee, but this option may also allow a consumer to make a considerable dent in existing debt, particularly if no interest payments are due for a number of months or even a year. 

Debt is a difficult hurdle to overcome, as many Kentucky residents can attest. However, even for those deeply in debt, options are still available. A Chapter 7 bankruptcy filing has the potential to wipe away existing debt and allow an individual or family to reclaim a degree of financial stability in the face of difficult odds. In many circumstances, this can set the individual back on the path toward renewed financial health. 

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

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