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Credit card debt is the most common type of debt held by American consumers and households. It’s easy to get credit cards, and credit card companies are happy to let you spend and spend. They even offer points, miles, gifts, plane tickets, discounts and other rewards to incentivize you to spend more and more… UNTIL you get more than two months behind on your bills.
Credit Card Debt = Credit Dependence
Credit card use for everyday purchases exposes one to the risk of high interest rates and great financial hardships. The interest rates charged by credit card companies are some of the highest interest rates applied to consumer debts.
Once you have fallen behind on payments, it’s virtually impossible to catch back up. The repetitive monthly hardship to make your payment begins a tumultuous downward spiral in which all of your other bills and loan payments are affected.
Your mortgage, vehicle loans, utility bills and student loans take a back seat to credit card debt because the interest rates on your other loans and bills are lower. Unfortunately, that makes it even easier to fall farther and farther behind.
Before You Know It, You Are Drowning In Debt
You may find yourself taking out more personal loans that you cannot afford, possibly even payday loans, and falling behind on those. What follows is not pretty, but it’s almost inevitable:
- Vehicle repossession
- Bank account levies
- Wage garnishments
- Creditor lawsuits
- Home foreclosure
The Debt Relief Help You Need In St. Louis And Eastern Missouri
At Ledbetter Law Firm, LLC, we understand how easy it is to fall into an irreversible debt problem that threatens your sanity, savings and family. Our experienced consumer bankruptcy and credit card debt lawyers can help you gain control of your debt and forge a path to long-term financial health.
Credit Card Debt Is Dischargeable In Bankruptcy
Once you file for Chapter 7 or Chapter 13 bankruptcy, we can help you find relief from unsecured debts like credit card debt and get your finances back on track by restructuring affordable repayment plans for secured debts like your home and vehicles.
An added bonus is that your credit score will begin to improve following bankruptcy as long as you stay on track.
We have helped thousands of people properly file bankruptcy throughout eastern Missouri, including clients from Jefferson County, Franklin County, St. Charles County and many surrounding counties.
Call Ledbetter Law Firm | Free Initial Consultations
Schedule a consultation with an attorney who understands your position. Call us at 314-602-1431 or 800-704-3214 toll free, or contact us by email.
We are a debt relief agency. We help our clients file for bankruptcy relief under the Bankruptcy Code.