There are a variety of financial challenges that can present themselves to the average American. Here in Kentucky and elsewhere in the nation, credit card debt is a matter of pressing concern for many people. Thankfully, there are a variety of strategies that can be used to improve financial strife before Chapter 7 bankruptcy becomes a viable option.
Debt is one of the most ubiquitous financial challenges facing consumers every day. Here in Kentucky and elsewhere in the nation, credit card debt has reached an all-time high, with residents facing the consequences of high interest payments and sometimes even debt collection. However, there are multiple ways to cut down on debt, from consolidation to budgeting to a Chapter 7 bankruptcy filing.
For many Americans, debt is an unfortunate reality of day-to-day life. Here in Kentucky and elsewhere in the nation, credit card debt levels have soared over the $1 trillion mark, leaving many families in financial hot water. Thankfully, a number of strategies exist to help individuals mitigate debt. For those who struggle with large sums of debt, Chapter 7 bankruptcy remains an option as well.
With Americans cresting over $1 trillion in credit card debt as of this year, it is unsurprising that debt is one of the most stressful elements of day-to-day life for many households. Here in Kentucky and elsewhere, families struggle to overcome high levels of unsecured debt. Several options exist for them to be able to escape the specter of debt, including consolidation and even Chapter 7 bankruptcy.
Most American families carry a significant debt load. Here in Kentucky and elsewhere throughout the nation, individuals carrying credit card debt may be looking down the barrel of serious interest payments. Thankfully, there are a variety of ways to handle credit debt, from consolidation to Chapter 7 bankruptcy.
With spring rapidly arriving across America, many families take the opportunity to clean house after a long winter and holiday season. Here in Kentucky and elsewhere around the nation, financial advisors suggest many people could stand to "spring clean" their debt load as well. Credit card debt is one of the most destabilizing forms of unsecured debt that can put an individual or family in a precarious financial position. Before choosing to file for Chapter 7 bankruptcy or an equivalent, there are other steps that can be taken to sweep away lingering debt.
The end of 2018 saw U.S. credit debt at its highest levels in history, capping out at some $870 billion, according to the Federal Reserve Bank. The previous record was back in 2008 during the height of the financial crisis, but this year, the numbers swelled thanks to a glut of holiday spending both here in Kentucky and around the country. For some families, this means it's time to tighten up a budget and curb spending, but for others, this could mean crippling debt. Thankfully, there are a variety of options available to those in need, including debt restructuring and Chapter 7 bankruptcy.
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.
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.