Advocating For Consumers In Bankruptcy Filings For More Than 25 Years

Why bankruptcy may be the best solution to your credit card debt

On Behalf of | Apr 27, 2020 | Bankruptcy

If you have lost your job in Orlando recently, it is a stressful time. You have to worry about how to feed your family. You have to worry about how to pay the mortgage. On top of it all, you are watching the interest rack up on your credit card debt.

You are not alone. 74% of Americans could not survive more than a week without being paid according to an American Payroll Association study done last year. With the Federal Reserve predicting 47 million Americans could lose their jobs soon, there will be plenty more people in your situation shortly.

What can you do if you have lost your job and have credit card debts?

  • Spend as little as possible: Yes, it is a depressing time, but trying to cheer yourself up by online retail therapy is not a good idea. The extra debt will only depress you more in the long run.


  • Call your credit card company: Hiding from your reality is not going to help. Most will allow you to defer payments. If you do not get in touch, the interest will keep on racking up.


  • Look at ways to rearrange your debts: You may be able to get a bank loan at a lower rate than your credit card, and move the debt.


These solutions may work for you if you can get another job soon. Yet as the days go by, your situation may start to feel increasingly hopeless. Bankruptcy may be your best solution.

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