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Weighing the options for relief when credit card balances soar

| Sep 20, 2017 | Credit Card Debt

There are numerous circumstances in which an individual could begin to experience difficulty keeping up with monthly expenses. Many individuals in Oregon and elsewhere carry credit card balances that may be manageable at first, but should one fall behind, the outcome could be disastrous. When similar accounts are past due, interest rates can soar, potentially leaving a person in dire financial straights and in need of relief.

Credit cards offer certain advantages to consumers that may be appealing at the time, and the potential downsides of falling behind on payments might be easily overlooked. According to reports, credit card debts across the nation have recently reached all-time heights. For many, this could be exceedingly troublesome, especially since these particular lines of credit are generally subject to much higher interest rates than others.

For those experiencing monetary challenges due to high credit card balances, there may be numerous available options for relief. The correct path to overcome such burdens could depend on a variety of factors, such as the overall amount of debt in comparison to one’s monthly income. Should a person’s debt exceed a certain portion of his or her income, cutting back on other expenses may do little to solve the issue, and a more long-term solution could be in order.

Individuals who are facing overwhelming amounts of credit card debt may wish to overcome such financial challenges, but they might be uncertain how to achieve this goal. By speaking with an experienced attorney, a client in Oregon could obtain advice on every available option for relief, as well as their potential outcomes. A bankruptcy attorney can evaluate a client’s financial situation and provide advice on pursuing the most favorable outcome possible through the necessary channels.

Source: USA Today, “Different ways to zap your debt: Which is for you?“, Sean Pyles, Sept. 17, 2017

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.