Numerous Michigan residents have credit card debt, and many of them are struggling to pay it down. This is not just a Michigan problem; it is actually a nationwide problem. Those whose credit card debt is out of control may turn to bankruptcy law for relief.
How bad is the credit card crisis? According to a recent news report, American consumers owe over $974 billion to credit card companies. The average household is carrying over $8,200 in credit card debt. It is a lot, especially when one considers all the interest these individuals pay over the years for carrying the debt.
Through strict budgeting, some people are able to pay off their credit cards. Unfortunately, that does not work for everyone. There are some individuals who will need help seeking relief and that is okay. This is where an experienced bankruptcy attorney can be of assistance.
Not everyone needs or qualifies for bankruptcy law protections. There are other debt relief options out there and open to Michigan residents. Unfortunately, there is a lot of misinformation about these options, and there are scammers out there looking to take advantage of people who are already in vulnerable financial states.
An experienced bankruptcy law attorney will have the ability to review the finer details of one’s financial situation and offer real solutions. The goal is to help the client achieve relief now and take steps to work toward a brighter economic future. With the right assistance, Michigan residents who are struggling financially may achieve the debt relief they desire.