Credit Card Debt is prominent in those filing bankruptcy.
Most debtors hold much more than 1 credit card.
Total Credit Card Debt is: $787 billion.
That’s Americans’ total credit card balance, according to the latest consumer debt data from the Federal Reserve Bank of New York. The latest Fed data shows that consumer credit card balances rose to $787 billion in the second quarter of 2021 from $770 billion in the first quarter of 2021.
Many debtors hold several Visa and Mastercard credit cards. Now it is so easy to apply for a credit card. You can apply online for credit cards.
How many credit cards do you have in your wallet? How much is your balance on each of your credit cards?
It is just natural that handing over a credit card rather than cash is easier. When you charge on a credit card, it is not as noticeable as handing cash to pay. Even the cost of the item or services you are purchasing is less noticeable.
However, the sting comes later when you receive the bills. With interest rates are high on credit cards. When you apply for credit cards, most individuals do not even look at the interest rates. You will not be surprised that over time, your balances keep growing and growing. Those interest rates can amount to much more than you thought.
Paying off just the minimum balances on your credit cards creates major financial difficulties.
Get rid of your debts: You may qualify you for Chapter 7 and pay nothing back to your creditors.
I offer a free bankruptcy consultation. Meet with me personally to review your debts and advise you if/which bankruptcy is right for you.
I am a board certified bankruptcy lawyer. You look to a board certified physician. Why not a board certified bankruptcy lawyer? Ralph A. Ferro, Jr., Esq. Board Certified Bankruptcy Lawyer. I look forward to working with you to achieve financial success.