With the holiday season approaching, many Minnesotans are planning on using credit cards to get through the annual spending splurge. With so many purchases this time of year—gifts, airplane tickets, gas, food, and trimmings—many families drastically increase their amount of credit card debt every holiday season. A recent study suggests that the average American household will spend $422 this year on gifts for each child in their household: that’s enough green to make anyone see red!
But have you ever wondered how bad America’s credit card debt usage is and how Minnesota residents stack up against the rest of the nation? Let’s look at some current credit card statistics from this year:
- The mean amount of American household credit card debt is $5,700
- Minnesota ranks 28th in the nation in credit card debt, with the average Minnesota family owing $6,204
What these numbers show is that Americans, and Minnesotans specifically, have a serious credit card debt problem.
But, by filing either Chapter 7 or Chapter 13 bankruptcy with Minnesota’s oldest bankruptcy law firm, Kain & Scott, you can erase years of unwanted credit card debt fast! For more information on the effects of credit card debt and how Kain & Scott can help you erase your debt and improve your credit score, read on!
The effects of credit card debt
When you have large amounts of credit card debt, it can be overwhelming. Many families struggle to make the minimum payments each month, while interest causes the amount owed to significantly increase over time. If Minnesota families fall behind on payments, it doesn’t take long before creditors start coming out of the woodwork with constant calls and threats of aggressive collections actions.
In addition to heaping on huge amounts of stress on families, credit card debt can wreak havoc on your credit score (a three-digit number that creditors use to determine whether to extend you financing). Depending on which of the three credit reporting bureaus used, your credit score can range from 300 (very poor) to 850 (exceptional). A low credit score can prevent you from obtaining financing and additional lines of credit – bad news if an unexpected emergency happens and you are low on funds.
Minnesota bankruptcy and credit card debt
We’ve already established that the average Minnesota household owes over $6,200 in credit card debt, but what can be done about it?
Bankruptcy is a government-sponsored program that allows individuals to discharge certain types of debt through the court. There are two types of debt: secured and unsecured. Credit card debt (along with other forms of debt not secured by collateral) is unsecured debt and can be discharged through bankruptcy. Depending on the type of Minnesota bankruptcy you file, your credit card debt can be discharged in as little as 90 days from filing!
Eliminate your credit card debt with affordable Minnesota bankruptcy
Our law firm, Kain & Scott, has been helping Minnesota residents just like you erase thousands of dollars in credit card debt by offering fast and affordable Minnesota bankruptcy services. Unlike other law firms that advertise bankruptcy services, we specialize in Minnesota bankruptcy—it’s all we do—and our team of experienced bankruptcy specialists are out in the real-world every day helping our clients regain their freedom from outstanding credit card debt.
We are a different kind of bankruptcy law firm: by offering unique services and innovative solutions, we help our clients get their lives back on track fast!
Your Kain & Scott experience starts with a free initial consultation with one of our experienced Minnesota bankruptcy specialists. Because we understand that our clients have busy lives, we offer consultations online and via telephone so you can file bankruptcy from the comfort of your own home. Once we complete your paperwork and file it with the court, half of your battle with credit card debt is won!
But we don’t stop there. Remember how important your credit score is? We have a solution for low credit scores too! Our exclusive Free 90 Day Credit Repair Program is designed to give our clients the tips they need to raise their credit scores and obtain financing from Minnesota lenders. Once your credit card debt is discharged and your credit score is repaired, your family can get a fresh start on building the solid financial future they deserve!
How to file bankruptcy in Minnesota
To get started today on filing your Minnesota bankruptcy, visit us online at www.kainscott.com to schedule your free initial consultation. Our affordable flat-rate fees and 100% Money Back Guarantee lets you eliminate thousands of credit card debt risk-free! Contact us today and wave goodbye to credit card debt – and hello to a debt-free holiday season!