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Bankruptcy May Be Your Option

Americans are slowly paying off their credit card debt

If you are like most people around Oklahoma, the nation, and many parts of the world for that matter, you probably rely on a credit card, at least to a certain degree.

Even the most responsible users of credit cards may find themselves in over their heads when it comes to managing their credit card debt. There are a number of factors that can cause one to fall behind on their bills such as, the loss of a job, sudden medical expenses or an unexpected death in their family.

Recent studies and reports indicate that on the whole, Americans were paying down their credit card debt at a modest pace in the first quarter of this year. Rates of those who were delinquent on their bills fell slightly, as did the amount of total unpaid debt per person.

This trend can be seen as a positive step both nationally and here in Oklahoma, especially following the economic troubles of the past several years when many have found their lives made much harder by the burden that credit card debt imposes upon them.

Unfortunately, some people still have debt to shoulder, and they might carry that burden for many years, missing out on plenty of opportunities along the way.

If you have found yourself with more debt than you can manage, or if you just need a way to deal with creditors, then it may be a good idea to discuss your options with an attorney.

Some credit card companies will stop at little to recover their debt. Debt management or debt reorganization may be options for you, and speaking with a legal professional may help you figure out a course of action.

Source: KCRG, “Credit card delinquency rate declines,” George C. Ford, May 16, 2014

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