There are many people who struggle with credit card debt throughout their lives. Credit cards can seem like a godsend when you need to cover expenses or want to make a purchase, and you do not have the cash. However, credit card balances add up quickly, and they can take a long time to pay off.
The COVID-19 pandemic has resulted in more and more people relying on credit cards to cover their bills and basic needs. This, in turn, can result in many people being unable to make any headway on their balances or even being unable to afford minimum payments with such high interest rates. A late payment can result in skyrocketing rates, late penalties, and more. The credit card companies never make it easy to regain control of your finances once you have credit card debt.
What can you do if you have overwhelming credit card debt? First, realize that you are not alone, and there are many people in this exact situation, especially after periods of unemployment and other financial struggles during 2020-21. Next, consider learning whether bankruptcy might be a solution to your debt problems.
Chapter 7 bankruptcy is the most popular form of consumer bankruptcy, and it can discharge all of your unsecured debts, which include credit balances. The process is relatively quick – usually less than six months – though you might have to forego certain assets and property to obtain a successful discharge. It is worth it to learn more about how you can address your ever-growing credit card balances.
Learn About Your Options from a Memphis Bankruptcy Lawyer
At Hurst Law Firm, P.A., we can evaluate your situation and advise you whether bankruptcy might be a good option for you. Contact us online or call 901.725.1000 for a consultation with an experienced Memphis bankruptcy attorney.