Struggling With Credit Card Debt – Is Bankruptcy The Answer?

When the recession hit in 2008 it took many people by surprise and some thinking that the recession would be short lived used their credit cards to tide them over while others were forced to use their credit cards simply to put on the table. By the time it became obvious that the recession was going to last years many of these people and families found themselves struggling with credit card debts that they simply couldn’t seem to pay off.

Today many of those people feel over their heads in credit card debt and no longer feel that is there anyway out. After four years of struggling with credit card debt, worry, and frustration, they find themselves wondering if bankruptcy is the answer to their problems. In many cases it may well be. For some families who have been out of work most of the last four years the interest on those credit cards have built up so high that no amount of negotiations with the credit card companies are going to lower those credit card bills enough that they will ever get out of debt. At least not in the foreseeable future.

However, for many other families who feel they are struggling with credit card debt the solution may be a matter of adjusting priorities and starting to live within your means. It is somewhat surprising the number of people who complain they are unable to meet their credit card debts, yet spend thousands of dollars on Christmas gifts, continue to dine out on a regular basis, and take vacation and week-end get aways. For these people, the solution is getting some credit counseling, establishing a budget, and setting their priorities to pay off their debts.

Those credit card debts aren’t going to disappear no matter how much you may wish that they would do so. It is up to you to looked at your situation carefully, decide what your options are and then form a plan on how to deal with that debt. For some people that may mean giving up a few of those extras you have come to depend on having. For others it may mean making some very real short term sacrifices to get on the road to financial recovering and for others the answer may well be filing for bankruptcy and starting again. How you deal with that credit card debt is entirely up to you.

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