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Bankruptcy: The potential price of using a credit card

On Behalf of | Dec 14, 2017 | Bankruptcy

Many individuals in Ohio and elsewhere have turned to credit cards for aid during times of substantial financial trouble. Although a similar decision could provide a momentary respite from monetary woes, the end result could unfortunately be much worse. Instead of looking for a temporary fix to these issues, an individual might find it beneficial to pursue a more long-term solution, such as filing for bankruptcy.

Credit cards may be easy to obtain and convenient to use, but with high interests rates, they may also pose a threat to a person’s financial security. However, many continue to use these lines of credit for a variety of reasons. Whether to fund a once in a lifetime occasion or simply to keep up with monthly expenses, credit cards can offer immediate assistance with financial difficulties, but with high interests rates, this type of aid may come at a price.

In some cases, a person may also turn to these forms of credit to assist in a new and exciting business venture, or even following the loss of an employment opportunity. Credit card companies may also offer a variety of enticing bonuses for using their respective cards. Regardless of the purpose of the use, should individuals fail to keep up with monthly payments, the balances on these accounts may soar, potentially leaving many in search of relief.

Individuals who suffer due to overwhelming amounts of credit card debt might benefit from speaking with an attorney for advice on the available options for relief. An attorney can evaluate the client’s circumstance and provide advice on making informed decisions regarding his or her financial future. A bankruptcy attorney in Ohio can also assist a client in pursuing relief from debts through the necessary channels.

Source: mcall.com, “Why are Americans drowning in credit card debt?“, Valencia Higuera, Dec. 7, 2017



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