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Chapter 7 bankruptcy may help consumers struggling with debt

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.

The survey found that 40% of American consumers carry some type of balance on their credit cards. Of those, nearly a quarter owe over $10,001. A significant number of consumers also reported that they purposely limit their spending because of their debt, and 13% even say they cannot always make ends meet.

Part of the problem could be that many of these consumers simply do not know how much interest they are paying. That same survey showed that 30% of people with credit card debt were not sure how much of their monthly payments were specifically for interest. For these consumers, their balances could be ballooning without them even realizing it.

While credit cards can be helpful when it comes to building credit and earning certain rewards points, it is surprisingly easy to accidentally take on too much debt. While getting into credit card debt might be easy, getting out can be much harder. When continually growing interest makes it impossible to pay down debt, some consumers in Kentucky may want to consider pursuing Chapter 7 bankruptcy, which can help them successfully discharge qualifying debts.

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

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