For some Americans, credit card debt has become a major day-to-day problem. Thankfully, Kentucky residents can rely on a variety of different options for helping to pay down this debt. For some people, a personal loan is a good place to start. For others, debt consolidation or a Chapter 7 bankruptcy filing may be a more appropriate option.
Lexington debtors who file for protection by filing bankruptcy under Chapter 13 may at some future point find themselves unable to honor the terms to which they agreed. This could happen if the wage-earner loses their job after filing for Chapter 13 and agrees to make payments according to the plan approved by the court.
Credit card debt in the United States reached a record high in Dec. 2018, making it one of the most pressing financial issues facing everyday Americans. What many Kentucky residents might not know is that there are several ways of reducing the interest on a credit card, making it easier to pay down existing debt. This can help to avoid more involved debt management options like consolidation or Chapter 7 bankruptcy.
When it comes to managing and paying off debt, it is important to understand just how much debt is involved. However, Kentucky consumers who are dealing with significant amounts of credit card debt might find it uncomfortable to get into the details. A recent report from a leading news magazine reveals just how widespread the problem of ignoring debt might be. For these individuals, it might be a good idea to consider the potential benefits of Chapter 7 bankruptcy.
Recent studies suggest that some six in 10 Americans are carrying some form of credit card debt, usually between $6,000 and $7,000 depending on generation. While using a credit card responsibly can lead to better credit and more financial options, some Kentucky residents know all too well the cost of carrying a balance month over month, or even year over year. A variety of strategies exist to help get Kentucky residents out of debt, from consolidation to Chapter 7 bankruptcy.