As previous posts here have mentioned before, credit cards can be useful financial tools in the right circumstances. Many people use credit cards for the various rewards programs that many of the credit card companies promote with their cards. Others use their credit cards to build up a solid credit history in anticipation of making a larger financial transaction sometime down the road, such as applying for a car loan or a mortgage. Unfortunately, financial hardships often force people to use their credit cards in ways that could lead to the buildup of unmanageable credit card debt.
Most Escondido residents will face financial challenges at some point in their lives. However, it is how those challenges are approached that can make the difference in a person's overall financial well-being. Credit card debt can become an albatross that hangs around a person's neck for years. In many cases, filing for bankruptcy can be the best option in a bad situation.
At our law firm, we have helped many people through the bankruptcy process when they are looking to clear themselves of credit card debt. Are they downsides to filing for bankruptcy? We all know the answer is "Yes." But, there are many benefits as well. Bankruptcy is a tool for consumers who need to get out from under the dark cloud of debt and start anew. Yes, for a while they will have poor credit. But, with the right post-bankruptcy approach, rebuilding credit can be accomplished.
No one should have to face creditor harassment and uncertainty because of their credit card debt. For more information on how our law firm attempts to help Escondido residents who find themselves in this type of situation, please visit the credit card debt section of our website.