Americans already carry a significant amount of credit card debt, and the holidays are a time of year that many people see their spending and debt balances increase. It is easy to become overwhelmed by credit card debt, but this situation can quickly begin to affect one's ability to manage other bills and financial obligations. One way to deal with a debt that is unmanageable is to file for bankruptcy protection.
Especially during this time of year, it is quite common for people to fall for certain gimmicks that could lead to even more credit card debt. Shoppers may be tempted to apply for deferred interest cards, especially in stores in which they want to make a large purchase, but this is quite dangerous for a consumer if he or she is not careful. Many Maryland applicants do not understand the complicated and sneaky ways that these purchases can be quite harmful.
Businesses do not have the best interests or the financial health of the shopper in mind. For an individual already mired in debt, the holidays can lead to more stress and, ultimately, more harassment from creditors. Fortunately, there is a way out of this cycle of debt and accumulating interests.
Bankruptcy protection is a reasonable, practical option for any person who is overwhelmed by unmanageable debt. While in bankruptcy, qualified debts will be significantly reduced or eliminated, and creditors will be forced to stop all calls and threatening letters. No Maryland consumer has to live a life defined by debt; instead, he or she may find a better financial future by filing for bankruptcy.
Source: money.cnn.com, "Don't fall for this little-known credit card trap", Maurie Backman, Nov. 30, 2016