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Have credit card debt in your 20s? Bankruptcy might be a good option

| Mar 19, 2021 | Bankruptcy

When you’re in your 20s, the reality is that you may not have a secure job yet. You may still be in school, and you might be using your credit card to stay afloat when you don’t earn enough to make ends meet. Despite that, you may be reluctant to look for help even when your debt starts to get out of control.

As a younger person who is having trouble with your finances, it’s important for you to know that there are ways to get back control. Whether you settle your debts with collectors or you talk to your credit card company about your problems, there are methods to get you back on track.

Credit debt in your 20s: How can you pay it off?

The first thing to realize is that it’s easy to get into deep debt in your 20s. Most people aren’t earning large salaries at this age, and their expenses may add up to close to what they’re making (or more). It’s easy to find yourself struggling if you lose hours at work or suddenly lose your job.

Fortunately, there are some ways to pay off the debt. Some options may include:

  • Contacting the credit card company to use insurance taken out on the card. Some cards offer insurance in the case of job loss. They’ll pay off what you owe if you lose your job and cannot pay.
  • Contact the credit card company to explain your circumstances. If you don’t have insurance on the card, you may still be able to negotiate a reduction in fees or help with monthly payments until you can get back on your feet.
  • Working a second job to make larger monthly payments/
  • Consolidating the debts onto a personal loan.
  • Transferring the balance to a lower-interest, or no-interest, card.
  • Considering bankruptcy. Both Chapter 7 and Chapter 13 bankruptcy can help you get back into control of your finances.

These are many options available for paying off your debt. If you’re struggling to manage your finances, now is the time to take action. If you take care of your debt now, then you can have a more secure future.

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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.