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Credit card and medical debts can be a devastating combination

On Behalf of | Dec 14, 2017 | Credit Card Debt

There are a multitude of scenarios in which individuals in Oregon and elsewhere may find themselves facing substantial monetary concerns. However, some financial concerns may be more prevalent than others, such as those pertaining to credit card or medical bills. Although either of these issues can be troublesome enough as is, recent studies suggest that in some cases, the two may go hand in hand.

According to the study, the average household carries as much as $15,000 in credit card debt. With the level of convenience in obtaining a similar line of credit, some use these forms of credit to pay for everyday necessities. This may seem harmless at the time, but even small purchases can cause a balance to add up quickly, which could leave an individual facing a seemingly insurmountable financial situation.

However, this isn’t the only way a person might experience trouble with credit card debt. The study also suggests that many are using these lines of credit to pay for medical emergencies. The extensive price of medical treatment coupled with the high interests rates on many credit card accounts can be a devastating combination. Those who experience similar issues may wish to seek relief from debt, but they might be uncertain how to achieve this goal.

Individuals who face substantial amounts of credit card and medical debt may benefit from seeking guidance on the available options for relief from an experienced attorney. A bankruptcy attorney in Oregon can address a client’s financial situation and provide advice on the best course of action with which to proceed. This type of guidance could help a person become better prepared to make informed decisions regarding his or her financial future.

Source: yahoo.com, “Average US household owes $15,654 in credit card debt“, Brittany Jones-Cooper, Dec. 11, 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 22 years.