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Bankruptcy may avoid aggressive credit card debt collection

Credit plays an important role in our society. It can give individuals and businesses access to money when they are unable to come up with the money on their own at the time, which can either help bridge a gap in income or assist in economic growth. However, oftentimes with exorbitant interest rates, credit cards can be financially dangerous. Those who overuse them, underpay their bills, or otherwise use them inappropriately can find themselves with overwhelming debt.

Those who are unable to make good on their credit card payments may wind up receiving communications from a debt collection attorney. These notices often threaten litigation in hopes that an individual will simply pay all or a significant part of the debt he or she owes. So how should debtors in this situation react?

There are essentially two options. First, an individual can pay back the debt that he or she owes. This isn't always a possibility, though. Second, a debtor can consider bankruptcy. By pursuing bankruptcy, debtors may be able to stop wage garnishment and discharge any outstanding debt. This may be critically important, especially since debt buyers who are raking up credit card debt are aggressively seeking collections by just about any means possible.

Those who successfully navigate the bankruptcy process can find the fresh financial start they need and deserve. The process isn't always easy, though, which is why it may be beneficial to discuss the matter with a qualified bankruptcy attorney who can help advise as to one's debt relief options. Failing to do so could result in unintended consequences that leave an individual facing years of unmanageable debt and stress.

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