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Over a third of Americans are facing debt

Credit cards can be a very useful tool for managing your finances and keeping your payments at a reasonable level, but if you find yourself unable to make your payments, they could become a gigantic problem. If you’re having problems making your credit card payments, you may be facing similar financial difficulties in nearly all aspects of your life. As bills begin to mount and your financial future gets thrown further into peril, you may find yourself losing hope. But hope is not lost, and you do have options.

A recent study found that more than a third of Americans, including Texans, are facing debt or unpaid bills, ranging from mortgages to student loan debt to credit card debt. While credit card debt is only 10.1 percent of debts collected that’s still a much higher percentage than you most people would like. When it comes to necessary bills such as health care, credit cards begin to seem like a lower priority debt. But ignoring your credit card debt could become problematic as well.

Fortunately for those who are struggling with debt, the law offers options to give people a fresh financial start in the form of bankruptcy. If you’re having trouble making all of your payments on time, you could consider filing for bankruptcy to ease the burden of bills. Depending on what you file, you could eliminate some of your debts entirely.

Talking to a bankruptcy attorney will give you much more information about how you can begin your road to financial recovery, but it may help you to know that a Chapter 7 bankruptcy filing can discharge some credit card debts completely. If you’re one of the many Americans facing debt collectors, know that help is out there.

Source: The Salt Lake Tribune, “Study: 35 percent in U.S. facing debt collectors,” Josh Boak, July 29, 2014

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