Credit Card Debt is Crushing
According to a study by WalletHub, in 2017, credit card debt nationwide rose by $92.2 billion. Furthermore, credit card debt reached its highest levels since before the 2007 Great Recession. Much of that increase happened in the final quarter of the year when the additional $67.6 billion in debt represented the highest increase in a single quarter in 30 years. Most noteworthy, the Federal Reserve estimates that the total national credit card debt is around $1 trillion.
WalletHub reports that almost two-thirds of people claim that their credit card debt is at least partly attributed to medical bills. Astonishingly, in 2015, Data released by the Centers for Medicare and Medicaid Services indicates that out-of-pocket medical costs for Americans totaled $338 billion.
Contact JPPLAW Now! Bankruptcy Isn’t Bad!
If you are struggling with credit card debt, you should talk to Attorney Jason P. Provinzano. Bankruptcy may be the best option. Most people hesitate to consider bankruptcy because of several myths and misconceptions about bankruptcy. Moreover, people believe that filing for bankruptcy is irresponsible, which can’t be further from the truth. Unmanageable credit card debt can happen for many reasons that are outside of a person’s control, including:
- death of a spouse or loved one
- job loss
- decrease in overtime
- divorce, or
- a combination of these types of unfortunate events.
Bankruptcy also does not mean that a person will lose his or her assets. With a Chapter 7 bankruptcy, almost all of the time, we list your assets; we exempt your assets, and you keep your assets. With a Chapter 13 bankruptcy, you keep your assets and pay creditors on a payment plan.
Ultimately, it is important to know that bankruptcy isn’t bad! Attorney Jason P. Provinzano has helped hundreds of clients achieve financial freedom by filing bankruptcy to discharge credit card debt. Call us today, 570-822-JPP1, for a free bankruptcy consultation.