Debt is no stranger to the American people, with credit card debt and medical debt making up a large portion of the amount owed on a national scale. Recently, one Reddit user revealed that a medical emergency led to him accruing some $16,000 in debt by the time he was in his late 20s. This is a common situation for many Kentucky residents who may be seeking relief from serious debt issues. There are a variety of ways to tackle debt depending on the severity of the amount owed, from planning effectively for the future to Chapter 7 bankruptcy protection.
Most Americans carry some form of debt, with medical bills and credit card debt often being the most prominent. Here in Kentucky, some residents are finding it harder and harder to pay down the debt they have accrued. Thankfully, there are a variety of ways to handle mounting debt that are not just limited to Chapter 7 bankruptcy.
If you are a Lexington resident who just lost their job, whether it was a planned lay-off or came like a bolt out of the blue, your personal world has been rocked. The shock of sudden unemployment can leave you feeling as dazed as a deer caught in the headlights of an approaching semi.
For years, the so-called millennial generation eschewed credit cards in favor of paying down mountains of student debt. But more recently, young adults in Kentucky and elsewhere have fallen prey to the siren song of credit cards to help make ends meet. As a result, they now inhabit the demographic most likely to require debt forgiveness plans like Chapter 7 bankruptcy in order to dig their way out of unmanageable debt.
Despite an uptick in the national economy, many American households are still laboring under the burden of credit card debt. According to some sources, the average Kentucky debt is somewhere around $6,500 per card. This has caused concern for consumer advocates, who worry people will find themselves in a serious financial position should the economy slow. While Chapter 7 bankruptcy is always an option in cases of significant debt, there are other options available as well to curb the tide.
Many Americans are keenly aware of the prevalence of credit card debt in modern society. In fact, most families in Kentucky carry some form of credit card debt, sometimes into the tens of thousands of dollars. There are a variety of ways to tackle debt of this nature, including filing for Chapter 7 bankruptcy, but it is always worth looking into multiple options before deciding on a course of action that best suits the borrower.