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Bankruptcy May Be Your Option

Interest rate hike could impact those with credit card debt

There are many signs of a strong economy. While the United State's economy has spent the last several years struggling to overcome the 2008 depression, the Federal Reserve's recent decision to increase interest rates by a quarter of a percentage point is considered by many to be an indicator that the economy is stronger. However, this change could have an unfortunate consequence for those holding credit card debt in Oklahoma and across the country.

According to some sources, the average household in the United States pays $1,292 in credit card interest each year. The recent rate increase should change that number to $1,309. However, the recent increase isn't the only one planned for 2017. Two more are currently scheduled for later this year.

Unfortunately, the increase could be felt by those with credit card debt within the next two months. To help individuals understand how the change will impact their situation, Consumer Reports recommends reading the fine print of a credit card statement or agreement. While some people may be able to avoid these increases by switching to a credit card with no interest or paying off balances faster, these aren't options for everyone.

However, managing credit debt isn't as simple as avoiding a higher interest rate by paying it off faster or switching to a different card for many Americans. Sometimes when a person experiences an illness, injury or unexpected job loss, he or she becomes unable to meet financial obligations and daily expenses. To help manage debt, many people in Oklahoma choose bankruptcy. For many, this option is the best path to a fresh financial start.

Source: bizjournals.com, "Got credit card debt? Here's what rising interest rates mean", March 16, 2017

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