Credit card debt has always and will always be an issue for people all around the country. There are plenty of Long Island residents that have struggled with credit card debt before, and there will plenty more in the future. It’s just the way credit works, unfortunately. Thankfully though, there are effective strategies to get out of debt for those in need.
Reorganizing your debt is one way to make your money go further. Your monthly payments can be reduced and it can make it easier for you to keep up with those payments. You can also take a fresh look at your income and create a new budget to help you clear out your debt.
Another option that can prove very successful is filing for bankruptcy. When you file for Chapter 7 bankruptcy, some or all of your debts can be discharged. Usually credit card debt is one of the debts that can be removed from your obligations. Bankruptcy can also prevent harassing creditors from contacting you. Before you make this decision though, you should consult an attorney to help you through the bankruptcy process and to ensure your rights are being protecting during this complex financial time.
If there is some good news to be taken away from all this credit card talk, it’s that it appears Americans are curbing their credit card use. According to a new Gallup poll, 29 percent of Americans don’t own any credit cards. That is the highest rate since 2001. The poll also found that the average number of cards that a person possesses has decreased since 2001, and that people carry less total credit card debt and that they are more likely to pay off their monthly balance.
Source: Five Thirty Eight, “Americans Have Fewer Credit Cards And Less Debt,” Mona Chalabi, April 25, 2014
