Sacramento Bankruptcy: Credit Card Debt Cost

Sacramento Bankruptcy: Credit Card Debt Cost

Credit card debt interest cost for the average consumer in 2015 exceeded $2,600 according to a recent survey. Eliminating credit card and other consumer debt was the crux of the survey’s conclusion for consumers to regain financial stability. Money spent on credit card interest and other charges buys nothing and results in no return.

Much credit card and consumer debt is driven by the rising cost of living for most americans. While there are other options to deal with your debt, including loan consolidation and borrowing against your home equity, such alternatives do not eliminate your debt; they only lessen or elongate the loan costs.

Bankruptcy discharges your debt. It is eliminated. Often with individuals facing growing consumer and credit card debt, that debt does not diminish. With rising credit costs comes the need to obtain more credit which then creates more costs. Robbing Peter to pay Paul suddenly can become a lifestyle. If further borrowing no longer is an option, at least not one that can be tolerated any longer, bankruptcy may your best solution.