Should you file personal bankruptcy because of credit card debt?

Connecticut readers may know that most Americans have credit card debt. For some, however, this debt eventually becomes more than is reasonably manageable. When left unchecked, credit card debt can lead to financial struggles in other areas, and compounding interest can make a person feel like he or she will never get ahead. When overwhelmed by a credit card debt situation, credit card holders may wonder if they should file personal bankruptcy

Many consumers fall prey to credit cards because companies use certain ploys to draw people in by offering certain benefits. For example, many stores ask patrons if they would like to open a store credit card in exchange for a certain percentage off their purchase that day. While this may seem like an attractive offer, it can actually lead to problems in the future as more and more is charged to that card.

In addition to these immediate benefits, some popular retail chains offer certain rewards to consumers who use their credit cards. This is another way to get people to spend more, but cardholders are often shocked to see that these cards come with exorbitant interest rates. High interest rates and carrying over a balance from month to month can lead to serious financial trouble for a Connecticut consumer.

When a person falls victim to one of the many schemes that credit card companies employ to get more people to open cards and charge, it can lead to debt problems. Fortunately, financially overwhelmed consumers may find that personal bankruptcy is a reasonable way by which they can deal with their credit card debt once and for all. Many people find that this legal option can offer a way to a better financial future. 

Source: houstonchronicle.com, “Credit card benefits come at a high price“, Chris Tomlinson, Oct. 19, 2017