Credit Card Debt Hits $1 Trillion
CBS News reports that, “The amount Americans owe on their credit cards has hit a new high at just over $1 trillion, according to Federal Reserve data, topping the previous mark set in April of 2008 just before the Great Recession.” With the recent trend of declining numbers of bankruptcy filings, could this be an indication that that trend is about to end? If the economy continues to grow, then the financing of this debt may not be a significant problem. However, a downturn in the economy may change all that. If you find yourself in a position where you have overwhelming credit card debt it is usually a good idea to at least talk to a bankruptcy attorney on the phone to get an idea of what your options may be. Often times a bankruptcy attorney can provide you with options short of actually filing for bankruptcy. If bankruptcy does become your best option, you will want to make sure you don’t make any mistakes in handling your finances as you approach a bankruptcy filing, and the best way to avoid those mistakes is to talk to a bankruptcy attorney.