How Credit Card Debt Can Lead To Bankruptcy?

: Reese Baker & Associates

  Filed under: Debt

trapOne of the leading causes of debt for many people is their credit card debt. Most individuals start off with obtaining a credit card so they can establish their credit. More often than not it ends up in a short period of time where the card gets maxed out, and the individual proceeds to get another one. This pattern can continue where an individual ends up with about three and sometimes up to five before they realize they are now in deep financial trouble.

Credit Debt Trap

The interest rates are so high on these cards it ends up where individuals can only make the minimum payments which just gets applied to the interest and the overall credit card debt is never reduced. As a result many have to make the decision to go bankrupt in order to get out from under this type of debt.

If this sounds like a situation you are in, then you should begin to get control of your debt situation by seeking out a quality Houston bankruptcy attorney that can advise you on your best course of action. There are various types of bankruptcies and it will have to be determined which one you are eligible for, and that in turn will determine how your credit card debt will be handled.