March 21 marked national Credit Card Reduction Day, which is an important date for many American families who are now carrying a record amount of consumer debt. For residents of Kentucky, the prospect of paying down credit card debt can be a daunting one, but it can be buoying to remember there are a variety of options available for consumers to work toward lowering their debt. Even for the most extreme cases, a Chapter 7 bankruptcy filing can be used to wipe the slate clean of accrued debt that can hamper a family's financial health.
Depending on the type of debt being carried by an individual, business or family, different tactics may be required to handle it. For example, a mortgage on a home here in Kentucky carries a considerably lower interest rate than debt accrued on a credit card -- hence why some financial experts refer to "good" and "bad" forms of debt. To handle "bad" debt, sometimes it is helpful to take on other forms of "good" debt; for example, a personal loan. This is the fastest-growing debt type in America, and can help families pay back high-interest debt before considering Chapter 7 bankruptcy as the next option.
The retirement years are typically thought of as a time to bask in the delight of grandchildren, to take off with your spouse on extended trips or simply to be free of the fetters of work to putter in the garden or reinvent oneself as a volunteer in the community.
Debt is a serious problem for many American families. Here in Kentucky, the average credit card debt load can be quite heavy, but thankfully there are ways to handle it. One major option is consolidation, which allows multiple debts like credit cards to be handled all at once. This is one of several options available for handling debt, a list that includes Chapter 7 bankruptcy.
It is no secret that credit card debt is a crippling issue for many American families. Both here in Kentucky and elsewhere around the nation, credit card debt is reaching record highs. There are several key issues that can bring people to the point of financial instability, but there are also options to help correct these issues. For individuals or families who can no longer handle their debt load, filing for Chapter 7 bankruptcy may be the most responsible solution in handling debt.