Personal credit cards have become an institution in today’s economy, but while they can be useful to help people enjoy things they might not otherwise be able to acquire right away, they also open up an avenue to quickly get into financial trouble.
Some of the potential pitfalls of credit cards are that they allow people to accumulate high interest debt without realizing just how much they are racking up from day to day. This can become an even worse situation for those who carry large balances on multiple cards. If something unexpected happens, such as the loss of a job a large, unexpected expense like a hospital bill, the ability to stay up with those “low monthly payments” can quickly be compromised.
There are different ways to seek debt relief when credit cards become a problem. One way is to contact the card issuer directly in hopes of negotiating new payments and interest instead of having the account go into default. Another option may be a consumer debt consolidation firm that to negotiate to lower your payments.
If your financial circumstances are too serious for either of these options, then a possible solution may be personal bankruptcy. One of the benefits of bankruptcy is its ability to quickly eliminate credit card debts, thereby freeing up your financial resources for more pressing needs.
As a firm that practices in bankruptcy law in Pennsylvania, we at Bryan P. Keenan & Associates can help you to investigate your choices if you are experiencing unmanageable credit card debt. We encourage you to contact us to learn more about how we can help you to regain control of your financial affairs, and to schedule a free initial consultation with one of our attorneys.