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Do I need to be concerned about my credit card debt?

No one wants to be financially strained or in debt. However, millions of Americans are facing these very issues every single day. A difficult housing market, a struggling economy and the high costs of schooling and medical care are all creating significant financial obstacles that make it extraordinarily difficult for people to keep their heads above water.

In many cases, filing for bankruptcy protection and seeking aggressive debt relief solutions can be all but necessary. However, not every situation involving debt calls for immediate and dramatic measures. For instance, people all across Illinois likely have some amount of credit card debt that they are concerned about. Whether this debt is causing serious financial troubles requiring relief or not depends on more than just the balance.

Having a balance on a credit card, even if it seems to be significant, may not necessarily be cause for panic. There are a number of additional factors that can affect how big of a problem credit card debt can be. You will also want to take into account:

  • The number of credit cards on which you are carrying a balance
  • The amount of debt you owe in comparison to your available credit
  • Whether you can afford to pay more than just the minimum balance

Understanding how these factors are contributing to your financial standing can help you determine whether you are carrying too much credit card debt and need to make some changes. These changes could ultimately be relatively minor; but if credit card debt is unmanageable and hurting your ability to cover other expenses like mortgages and bills, you may want to speak with an attorney and explore your options for filing for bankruptcy and wipe out your credit card debt.

It is important to remember that every person is different and has unique financial concerns that must be addressed before making any firm decisions. In order to identify the right debt relief solution that will be most beneficial to you, you may be wise to reach out to a bankruptcy attorney.

Source: The Motley Fool, "How Much Credit Card Debt Is Too Much?" Matthew Frankel, Oct. 5, 2014

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