When people get in tough financial situations – a job loss, divorce, medical bills, other financial emergencies – they turn to credit cards to get them through. Credit card companies make it easy to get into debt – but they also make it easy to stay in debt.
In stressful economic times, having several card accounts with overdue payments can mean several phone calls a day from creditors.
- A missed payment or late payment can add late fees to already high debt.
- Going over the credit limit can mean more penalties added to what is owed.
- Late payments trigger a rise in interest rates, adding yet more debt.
In some cases, the amount originally charged to the credit card may have been paid, but interest, fees and penalties keep adding to the debt.
Filing for bankruptcy can stop the phone calls. Because credit card debt is unsecured debt, it can usually be completely discharged in bankruptcy.
Ask a lawyer about your credit card debt and how bankruptcy works.
For many people who come to our office, making even the minimum payments on credit card debt is putting them in a worse situation every month. Find out your options. Contact us and ask for a free consultation with bankruptcy attorney Brian Blum.
