Credit card debt is a serious problem for many American families. Before a Florida family can work to resolve credit card debt, that household must first recognize if that debt has reached an unmanageable level. If so, resolution options like discharging that credit card debt through bankruptcy may be the best solution.
One sign the debt is out of control is if bills are neglected and are left to grow along with late fees and increasing interest payments. Another sign may be if there is no clear pay-off date for being debt-free. Having a specific pay-off date means there is some kind of plan in place and an end in sight. Without that date or plan, the debt can seem to be endless.
Some bogged down by credit card debt may turn to balance transfers as means of gaining some control. While a zero percent transfer may be tempting, shifting from one card to another without a real reduction in debt is not a form of progress for regaining financial stability. Taking from an emergency fund and neglecting other debts to keep up with credit card payments can also be a serious sign of unmanageability.
Credit card debt can be stressful and overwhelming for families and households to deal with under any circumstances. When that debt fits the above criteria for being unmanageable, there are options to reduce the debt and stress associated with it. One option may be bankruptcy as personal bankruptcy can lead to a discharging of credit card debt, which can help Florida families regain control of all aspects of their financial lives.
Source: money.usnews.com, “5 Signs Your Credit Card Debt Is Out of Control“, Erin El Issa, July 20, 2015