Many individuals in Maryland and elsewhere have experienced the financial struggles of dealing with substantial amounts of credit card debt. Whether for aid in times of emergency, or for assistance with everyday needs, many have turned to similar lines of credit for numerous reasons, but the relief provided is generally short-lived. Those who wish to seek a solution to financial issues might find it advisable to consider the benefits of consumer bankruptcy.
According to reports, consumer debts increased by more than $11 billion in the past year alone, bringing the total amount owed to just over $1 trillion. Officials assert that credit card debts are responsible for a significant portion of this increase. These reports suggest that the current state of the economy leads individuals to feel less hesitant to take on new debt, but that a similar mindset could lead many into financial troubles.
For those who experience monetary issues, there may be numerous ways to seek relief. One could start by forming a plan to pay down high risk debts or attempt to transfer balances to accounts with lower interest rates. However, the latter may only provide temporary relief, and should an individual continue to struggle for prolonged periods, a more permanent solution could be in order.
Individuals who suffer due to substantial amounts of debt may wish to pursue relief, but with numerous outlets to choose from, the process can be somewhat intimidating. A person who experiences similar concerns could consult with an attorney for guidance on the available options, such as consumer bankruptcy. An attorney in Maryland can evaluate a client’s financial situation and provide guidance on making informed decisions regarding his or her financial future.
Source: USA Today, “Personal debt: Why now is a critical time to pay off credit cards”, Sarah Skidmore Sell, Feb. 3, 2018