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Avoiding Chapter 7 bankruptcy with smart financial habits

Of all the debt carried by families in the United States, credit card debt is among the most insidious. In Kentucky and across the country, credit cards are used (and overused) as part of the daily lifestyle, but this habit can have devastating consequences. In order to avoid relying on a Chapter 7 bankruptcy filing to get back on one's financial feet, there are a number of options to handle existing debt effectively. 

The average U.S. family carries some $6,000 in credit card debt, with some households carrying considerably more. Interest on credit card purchases can be astronomical, and relying on a credit card to make ends meet only exacerbates the problem. While paying down credit card debt is far from easy, it is vital to allow for long-term savings. 

There are a variety of ways to tackle existing credit card debt. Budgeting is at the top of the list, because the less a household relies on credit for essentials, the more likely it is that debt can be paid down. One way to do this is to focus on paying off the debt with the highest interest rate first, while still making minimum payments on every card each month to avoid becoming delinquent. Chipping away at debt might take some time, but in the long run it will pay dividends. 

Credit cards are a part of U.S. life, and must be used responsibly to avoid falling into the debt trap. For Kentucky residents who are already stuck with crippling debt, a Chapter 7 bankruptcy filing can help to clear the slate. In many circumstances, unsecured debt is fully discharged, giving the filer the opportunity to rebuild credit and achieve financial stability once again.

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

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