The vast majority of Illinois residents have some type of debt. Mortgages, student loans, auto payments — they all seem to be a common part of life for most these days. But there is one type of debt in particular that is becoming more common and a plague on Illinois families and that is credit card debt.
This is not just a problem in Illinois; it is actually a nationwide issue. According to a recent report, approximately 28 percent of Americans carry some level of credit card debt. Of those individuals, 43 percent of them have carried their balances for two or more years. With interest rates at an average of 16 percent on most credit cards and most people only paying the minimum balance due every month, it may feel impossible to pay the debt back.
There are those who can, with a strict adherence to a budget, pay off their credit card debt. However, there are also those who, due to their overall financial outlook, simply lack the disposable income to pay down their credit card debts with this method. What can individuals in such situation do?
Illinois residents who lack the means to pay back their credit card debt may have a number of debt relief options open to them. Some of these may include bankruptcy, debt negotiation or debt settlement. An experienced bankruptcy attorney would be able to look at one’s overall financial picture and help determine the best course of action to pursue in order for one to seek the economic relief desired.
Source: The Seattle Times, “Carrying credit-card debt? You’re not the only one“, Patricia Sabitini, Oct. 14, 2017