The holiday season is notorious for spending money on gifts, holiday meals and other expenses. However, even after the season ends, Ohio residents can still be feeling the impact of that spending. Accumulating considerable debt during the holidays is not unusual, but some individuals may have a difficult time paying off the balances that have been accrued.
It was recently reported that 37 percent of consumers amassed credit card debt during the holidays, and a considerable number of those individuals do not believe that they will completely pay off their debt. There are some small moves that consumers could make to help with their financial issues, such as requesting a lower interest rate from a credit card company. Many companies will lower rates in order to keep a person’s business.
Of course, there are many individuals whose debt cannot be so easily addressed. Parties who have added considerable holiday debt to already existing debt could face high credit balances that may feel insurmountable. However, these individuals also have options, such as bankruptcy, that could help them work toward discharging qualifying debt.
If Ohio residents are facing such debt issues and would like to better understand their options, they may wish to gather more information about Chapter 7 and Chapter 13 bankruptcy. These routes utilize asset liquidation and repayment plans, respectively, and can aid individuals looking for a fresh financial start. Interested parties may also wish to discuss their individual cases with an experienced bankruptcy attorney who could help them determine which steps may best suit their particular circumstances.
Source: wwlp.com, “Digging yourself out of credit card debt”, Kelly Byrne, Jan. 6, 2016