St. Louis bankruptcy lawyer Frank Ledbetter, a Chapter 7 and Chapter 13 bankruptcy specialist
warns against a popular credit card debt strategy. Hi, I’m St. Louis bankruptcy attorney Frank
Ledbetter. I’ve been a St. Louis bankruptcy lawyer since 2003. When people become unable to pay their minimum
monthly credit card payments on time, they may be tempted to use one credit card to make
payments on another credit card in a desperate attempt to stay current on their bills. Unfortunately, paying credit cards with other
credit cards can result in very rapidly escalating debt. I’m often amazed at the high amount
of credit lines people can get on their credit cards. Often when people “max out” their credit cards
they will have gotten themselves into an unsustainable debt position where even making only the minimum
monthly payments on credit cards will leave the person without enough money to pay for
food, rent and other necessities. When this happens, bankruptcy may be the best
option. Most people want to repay their creditors in full and on time, but I’ve seen too many
times people naively get in over their heads with credit card debt by taking on as much
debt as the credit card companies will give them. The truth that I’ve learned is that the credit
card companies often give people more credit than they will be able to manage. Credit card
debt will rarely go away on its own. Even if a credit card issuer writes off or
charges off an account, they will likely sell it to another company who will then have the
right to collect on the balance. If you get to the point where you don’t have
enough income left over after paying for necessary expenses to make minimum monthly credit card
payments, you owe it to yourself to explore your options for debt relief under Chapter
7 bankruptcy or Chapter 13 bankruptcy. You may call today to schedule a no-cost,
no-obligation consultation regarding your rights to obtain debt relief under Chapter
7 bankruptcy or Chapter 13 bankruptcy. Or if you want to know more before you call,
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