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Bankruptcy May Be Your Option

Reports show that credit card debt is rising

A credit card can be a useful tool. One can allow people in Oklahoma and across the country to make an emergency purchase or build their credit with use and regular payments. In some cases, however, credit card holders can have more debt than they can manage. If they lose their jobs or experience unexpected medical expenses, they may find themselves in a situation where they are unable to manage their credit card debt.

A recent study appears to raise some concerns over the amount of many Americans' credit card debt. Several signs -- including stock market performance -- indicate an overall healthy economy. However, some say the results of the study involving debt on credit cards could indicate that the economy is not as healthy as many believe.

According to the study, there was a $21.9 million increase in credit card debt in the third quarter of 2016. These increases compare to ones seen in 2007. Current estimates indicate that the year will end with an overall net increase of credit card debt of approximately $80 billion, leaving average debt at levels similar to those preceding the last recession.

Because wages remain relatively stagnate, some professionals worry about how consumers will be able to manage credit card debt, which typically carries a high interest rate. Unfortunately, some people in Oklahoma may find themselves struggling with such debt, unable to manage it on their own. Fortunately, there are pathways to relief, including filing for bankruptcy. A frank conversation with an attorney with experience with such cases can help those with such debt fully understand their options and choose the most appropriate path for their individual situation.

Source: consumeraffairs.com, "Credit card report sounds the debt alarm", Mark Huffman, Dec. 8, 2018

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