The Law Office of Kim Covington Kim Covington Bankruptcy Lawyer Kim Covington Bankruptcy Lawyer

The potential risks of carrying a revolving credit card balance

Many individuals in Oregon and elsewhere have chosen to turn to lines of credit for aid in times of financial trouble at some point in their lives. While this may offer some relief, the effect could only be temporary and leave an individual in a more challenging situation in the future. Those who suffer under the weight of credit card debt might find it beneficial to consider exploring a solution instead of a temporary fix, such as filing for bankruptcy.

According to reports, almost 30 percent of those who took part in a recent survey admitted to carrying a credit card balance. Nearly half of them assert they have carried that balance for a minimum of two years. When asked about the reasons for carrying a constant balance, the most prevalent answer given by those surveyed pertained to keeping up with every day expenses.

While at the time, carrying a balance may seem harmless, with the high interest rates of similar lines of credit, the situation can grow out of control in a hurry. While certain companies may offer an interest free period on balance transfers to another credit card, this may only offer a temporary solution to a long-term issue. Some may not even qualify for such relief, and even those who do might find themselves in deeper financial trouble down the road.

Credit card debt is one of the most common forms of financial hardship, and those who carry substantial amounts of debt can suffer in a variety of ways. Those who wish to escape the weight of debt could speak with a bankruptcy attorney for advice on the available options, as well as their potential outcomes. An attorney in Oregon can evaluate a client's financial situation and provide advice on how to pursue relief from debt through the necessary channels.

Source: seattletimes.com, "Carrying credit-card debt? You're not the only one", Patricia Sabatini, Oct. 14, 2017

No Comments

Leave a comment
Comment Information

Office Locations

The Law Office of Kim Covington

Eugene Office
1445 Willamette Street, Suite 9
Eugene, OR 97401

Map & Directions

Albany Office
1135 Dale Street SE, Suite #B
Albany, OR 97321

Map & Directions

Roseburg Office
1701 West Harvard, Suite 201
Roseburg, OR 97470

Map & Directions

Phone: 541-393-2790
Toll Free: 800-673-1891
Fax: 541-344-6466