An attorney's advice often critical regarding credit card debt

Some Mississippi residents may believe that an attorney is only needed for certain financial challenges involving overwhelming debt, such as the threat of losing one's home, car or other forms of personal property. A bankruptcy attorney, however, can also help with seemingly "smaller" debt situations, such as credit card debt that has spiraled out of control.

Like all forms of debt, credit card debt can grow quite rapidly if even a few delinquent payments accumulate. Credit cards often have interest rates that are much higher than other forms of debts, such as federal student loans. As a result, even one missed payment can mean that the amount owed has grown sizably; moreover, the debtor must often pay fees associated with even a single late payment. When multiple late or missed payments add up, the final product can be debt that has gone from slightly unmanageable to completely insurmountable.

When the economy was healthier, people often used credit cards for large, one-time purchases, such as vacations, electronics or appliances. While credit cards are still used for these types of buys, they are often also used for everyday necessities such as food, gas or utilities. If an individual goes through a rough financial situation, such as unemployment, underemployment or unexpected medical treatment, he or she may need to rely on credit cards to meet their daily living expenses. Unfortunately, unless an individual's financial situation immediately improves, these debts can pile up quickly through no fault of one's own.

Those suffering from out-of-control credit card debt may be struggling with creditor harassment or the threat of garnishment. The solution may be found in either Chapter 7 bankruptcy, which eliminates most credit card debts, or its Chapter 13 counterpart. A Southaven bankruptcy attorney can help an individual decide which option is best for them and put an immediate end to harassment, interest charges and late fees.

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