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Bankruptcy May Be Your Option

Worry over debt escalates as credit cards becomes less affordable

As the American economy continues to pick up steam and make general improvements, more and more Americans are still running into trouble with credit card debt. Mainstays of modern finance, credit cards are an important part of most people’s daily lives and financial routines in Oklahoma and around the country. Unfortunately, with the cost of credit rising and debt obligations generally heading in the same direction, an increasingly large number of people have found themselves in serious credit card debt.

The bottom line is that interest rates have been rising in America for the past several years. That means that the average credit card holder now faces a 21 percent interest rate, and that’s with a decent credit score. The rise is in large part due to a 2009 law that placed an upper limit on the amount a credit card company could charge for penalties. In an attempt to recoup those losses, creditors now simply charge higher interest on their loans.

The average American household today holds a little more than 7,000 dollars in credit card debt, and the effects can be disastrous on individuals, families, and communities. Debt that spirals out of control and continues to rise can put a strain on relationships, alter the dynamic between family members and friends, and place limits on people’s abilities to achieve any number of goals.

One of the best things that anyone can do to avoid crushing credit card debt is to avoid certain financial habits. Savings plans and responsible use of credit cards are just a few ways to ensure that if any debt is accrued, it is manageable and reasonable. However, even those who make the smartest of fiscal decisions can end up facing significant credit card debt. Unplanned expenses, medical emergencies and job loss often lead to unsustainable credit card use.

For those who need assistance to get a grip on their credit card debt, there is nothing like a quality, knowledgeable attorney to help educate them about their rights and legal options. 

Source: CBS Money Watch, “Many credit card users paying through the nose,” Aimee Picchi, April 21, 2014

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