Too Much Credit Card Debt?

Do you have too much credit card debt?  If so, you are not alone.  Credit card debt recently surpassed one trillion dollars for US consumers.  That's a lot!  An ABC news story depicts the deepening American debt load.  What, then, to do?

The simple solution is to pay credit card debt off.  Budget solutions suggest paying down higher interest rate creditors first.  That's well and good.  If you can afford it.  But if you have too much  debt you may not be able to afford it.  That's why you may be in debt in the first place.

Borrowing more money to pay off too much credit card debt is another way out.  But it really isn't a way out.  It is a just digging deeper into debt.  Whether you borrow against your home or take out new loans to pay off older ones, you may be only worsening the problem.

More income is another silver bullet for too much credit card debt.  But that, too, is a limited option.  Most Americans are on a fixed income.  Static income in not just for seniors.  Anyone earning a salary knows that.  Most people earn what the earn.  Raises are not enough for those living with too much credit card debt.

Bankruptcy may be the best option for those trying to manage too much credit card debt.  Bankruptcy may eliminate your debt while allowing you to protect your assets, including your home.  It may actually improve your credit  since, after all, elimination of debt is a big benefit on your credit.

If you think you have too much debt, contact my office for a free bankruptcy consultation.  If you owe more than you can afford, are robbing Peter to pay Paul or have financially had it, bankruptcy may be the best solution.