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Could Your Credit Card Interest Rate Cause Bankruptcy?

You have probably heard that credit card debt is one of the main reasons people have to file for bankruptcy. What you may be surprised to learn is that the actual debt may not be the cause as much as the interest that accumulates on the debt!

If you are somebody who works to keep track of your finances, you can be caught off-guard when you miss a credit card payment and learn that your debt has drastically increased due to late fees and accrued interest. It can be quite shocking to go from a zero percent interest rate to an interest rate that exceeds 20% . If you miss a payment on several of your credit cards, your debt can quickly snowball out of control.

Many people struggle to make the minimum monthly payments on their credit cards, only to realize they are not making much progress toward paying off their debt. If this is your situation and it one negative financial event would be financially devastating to you, it is time to contact us and discuss your debt relief options. Spending your money to pay interest on your credit cards means very little is being applied to reduce the principal amount of your debt. In other words, it will take you a very long time to pay off the total amount of your debt. In the meantime, other areas of your life will suffer.

If you are overwhelmed by your credit card debt, we can review your situation and help you understand how filing a Chapter 7 or Chapter 13 bankruptcy can help. In most bankruptcy cases, debtors are allowed to discharge or eliminate the majority, if not all, of their credit card debt. Wouldn't it be great to cancel your liability to pay thousands of dollars of debt? We can help you get a fresh financial start and get your life back on track through the bankruptcy process. Call us today to schedule your appointment!

We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation with an attorney at Levitt & Slafkes, PC.

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