Law Office of James L. Keenan

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James Keenan Law

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PH 916.448.6923

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Contact me for a free consultation!

PH (916) 448-6923

TXT (916) 715-6145

EMAIL James now!

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Sacramento Bankruptcy: Credit Card Debt

Sacramento Bankruptcy: Credit Card Debt

Credit card debt is one of the most common forms of debt for bankruptcy filings in the Sacramento region.

There are a number of reasons credit card debt can cause bankruptcy. The ease of ability to obtain credit card debt is first factor to consider. Often consumers are bombarded with credit card applications, cash advances and debt consolidation offers. Rarely are these offers solicited.

Once the credit card companies obtain your business, they continue to encourage further credit use and, in so doing, foster further debt. If the debt with one credit card debt becomes beyond the ability to repay, at least realistically, other credit card companies are alway there to “rescue” you financially with more debt. Low introductory interest rates, promotions and teasers to draw you in are part and parcel of credit card marketing strategies. This strategy is particularly so amongst younger americans as this study suggests. When the low interest rates and payments expire, consumers are often left with only more debt. Soon robbing Peter to pay Paul can become a lifestyle.

Credit card companies have an obvious interest in extending credit: profit. Loaning money is one of the most profitable businesses in America. Only relatively recently have credit card companies been required to show how long it would take to repay your debt if you made only the minimum payment each month. Those figures will show the obvious profit built into their payments.

As credit card companies pad their profits, consumer debt grows. Debt can begin to beget more debt. It’s a tough cycle to break once you are in it.

Bankruptcy, though, is a way to break that cycle and remove yourself from debt. If your debt is beyond your ability to repay and your debt is only increasing, that may be a sign bankruptcy may be a wise way to go for you financially.

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Law Offices of James L. Keenan

2600 H St. Sacramento, CA 95816

Phone: 916-448-6923

Fax: 916-442-6524

Email: jameslkeenan@aol.com

Office Hours: Monday – Friday 8 a.m. – 5:30 p.m.

Evening Appointments Available

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