There are many individuals in Ohio and across the nation who have made the decision to apply for a credit card, some of whom may carry several cards at the same time. While similar accounts could prove helpful in building credit under the right circumstance, carrying high balances for extended periods could increase the risk of financial strain. With balances constantly on the rise, credit cards debts could leave many individuals in search of the relief provided through outlets such as bankruptcy.
Recent reports from the Federal Reserve indicate that credit card debt across the nation reached record levels in the last quarter of 2018. These reports also stated that Americans piled on around $26 billion in credit card debt in the fourth quarter alone. According to reports, there are more than 480 million active credit card accounts, 37 million of which were reported to be at least three months past due.
Falling behind on credit card payments can be a devastating experience. Unfortunately, there are variety of scenarios that could leave a person facing similar circumstance. For instance, reports suggest that individuals who live in areas with a higher than average cost of living could be more susceptible to experiencing the trials of credit card debt.
Regardless of how it occurs, struggling under the weight of high levels of credit card debt can be a harrowing process. Those who encounter similar monetary challenges could benefit from consulting with a bankruptcy attorney for guidance on all the available options for relief as soon as possible. An attorney can help a client in Ohio choose the correct path with which to pursue debt relief and subsequently assist him or her in navigating the process.