Like most consumers in Ohio, when you charge items to your credit card, you probably intend to pay for it. However, credit card debt has a way of overwhelming people.
It doesn't take long for a few frivolous purchases to add up to a huge amount of debt. Even if you only use credit cards for basic necessities, a few days of unpaid sick leave or a car accident may be all that stands between you and aggressive collection efforts.
Missing a payment or paying late can mean paying a higher interest rate. It can also mean massive penalties and fees assessed to your statement each month. The combination of the two can take your credit card debt from manageable to overwhelming after only a few payment cycles.
Once you are caught in the trap of only making a minimum monthly payment, you could find yourself unable to get back out of the financial hole you're in. If you find yourself transferring balances from card to card or struggling to pay other important bills, like utilities or your mortgage, it may be time to consider bankruptcy.
For those whose income falls below the state median, Chapter 7 bankruptcy may be a good solution to credit card debt. It offers discharge of unsecured debts, including credit card debts. Provided that you qualify, you won't have to worry about repaying those massive credit card bills. Instead, you can focus on getting on good financial footing and making better choices with your money moving forward.
You shouldn't have to worry about the potential for garnishment of your paycheck or whether it's a creditor every time your phone rings. If you are struggling with high amounts of credit card debt, it may be time to seriously consider whether bankruptcy is the right choice for you.