Law Office of Judith A. Descalso Law Office of Judith A. Descalso

Working through credit card debt with a bankruptcy filing

Many of our Escondido readers probably get several credit card statements each month, some with upwards of seven or eight different credit cards. And, anyone with even a halfway decent credit score will likely receive five or six different offers for even more credit cards in the mail every month. Credit cards can be useful financial tools, but they can also lead to some serious financial challenges if they are relied upon too much.

When credit card debt begins to stack up, most people will do their best to work a solution with the goal of getting the debt paid off, even if that means the plan takes years to pan out. But for some, the plan never works out because, as the saying goes, "life happens."

Credit card companies don't really care how or why a person is using their credit cards. They just hope that the balance continues to roll over month after month so that interest can be added to the total balance owed. As many of our readers may know from previous posts here, the interest rates on credit cards can be ridiculously high. Allowing a credit card balance to roll over each month is like taking out a loan with the worst possible interest rate.

At our law firm, we know that not everyone will be able to craft a solution to pay back credit card debt as the balances seem to only go up. In this type of situation, filing for bankruptcy can become an effective solution. Escondido residents who would like to learn more about how our law firm attempts to help clients work through credit card debt with a bankruptcy filing can visit our website.

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