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Many in Texas face overwhelming debt from credit cards

A significant portion of our national economy is based on debt. That is why it is no wonder that so many Americans have found themselves facing overwhelming debt. One of the most common types of debts people in Texas and other states struggle with is credit card debt. Consumers in the United States carry an average of $15,000 worth of credit card debt.

In order to tackle this problem one must first understand how credit card debt works. Every month a person charges his or her account the credit card company will send a bill for the purchases made during the month along with any other unpaid debts. If the consumer does not make a payment by the monthly deadline the consumer will be charged an interest rate which will then be added onto the debts owed, therefore putting the consumer in danger of accumulating overwhelming debts.

After understanding how credit card debt works, one will first have to save up approximately three months worth of money for expenses and then put the rest of the extra money into paying the debt as fast as possible, according to many personal finance experts. However, many people may find this difficult to do since, they are probably in this situation in the first place because they do not make enough money. One way to earn extra money is possibly finding a second job or maybe working online to earn extra funds to pay the debts.

Despite doing everything one can to earn extra money to handle unpaid credit card bills, many people in Texas will still find themselves facing overwhelming debt from credit cards. Although this may be concerning to many people, there are still options available. One solution would be to file a Chapter 7 bankruptcy which has the power to discharge unsecured debts, such as credit card bills.

Source: dailyfinance.com, Dealing With Credit Card Debt: How to Get Debt-Free, Anisha Sekar, Sept. 7, 2013

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