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Bankruptcy May Be Your Option

Credit card company incentives promote increased consumer debt

An all-out push by credit card company marketing divisions to get their cards into the hands of more consumers in Tulsa, Oklahoma, and throughout the country appears to be working. The $642 billion in consumer debt attributed to credit cards at the end of 2014 represented a significant jump from a year earlier.

The latest trend in consumer use of credit cards appears to be the result of a high number of new credit cards being issued. This, in turn, seems to be the result of credit card company rewards programs and other incentives that are enticing people to obtain and use the new credit cards. Rewards programs, which have been at the core of many promotions in the past, have been ramped up to entice new cardholders with offers such as 50,000-mile-bonuses just for signing up. 

Although industry experts are calling the latest trend in marketing credit cards to consumers as demonstrating consumer confidence in acquiring and using debt, people must remain mindful of the potential financial challenges that credit card debt may pose. A consumer, whose income allows them to take advantage of the latest and greatest credit card company promotion, could be facing delinquent payments and creditor harassment if unemployment or other unexpected situation reduces his or her income.

A consumer confronted by a reduction in income due to illness, injury or loss of employment might benefit from speaking with an attorney who is knowledgeable in bankruptcy law. Even if you do not have delinquent payments, if you are only making minimum payments each month toward your credit card debt, you might benefit from discussing your options with an attorney.

Source: USA Today, "Card offers get better as more turn to credit," Hadley Malcolm, March 3, 2015

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