How Long Will it Take You to Pay off Your Credit Card Debt?

SuperLawyers

How Long Will it Take You to Pay off Your Credit Card Debt?

Spend a moment doing the math, and you may find, like many Americans, it would take you over twenty years to pay off your credit card debt if you stick to minimum payments.

And if you’re like 1/4th of the American population, you expect to be in debt till the day you die.

Grim statistics.

What’s causing all this debt?

While credit card companies would like everyone to believe this is just a symptom of American irresponsibility and needless shopping sprees, studies show most people are using credit cards to keep food in their pantries, utilities powered up, and cars running.

In short, for basic survival.

It’s not easy for many people to live within their means when the cost of living doesn’t keep up with wage increases. When medical bills can bankrupt you and when rightsizing can send you back to a crowded job market.

It’s time to stop judging yourself (and everyone else) for your debt.

See also: 1 in 3 Americans Overburdened with Credit Card Debt.

This is why the legal remedy of bankruptcy exists.

There is some good news. Once you get these debts taken care of you might just find a way to get life under control once more. The vast majority of people (over 80%)  who file bankruptcy never have to file again.

The reset could be just what you need to manage your life the way it looks now. Many people have been in debt since reaching the age of majority. The ability to reorganize can give you what you need to change your life.

It may also be the only way the average American can go debt-free. While everyone’s wants to tell their triumphant stories about scrimping, sacrificing, and ultimately digging themselves out of massive amounts of debt, many of these individuals had pretty healthy salaries to begin with.

Of course, there are a variety of reasons why you might want to seek out a conservative credit limit instead: letting your FICO score plunge because you refuse credit at all can have other financial ramifications. Much depends on the stage of life you’re in, what your goals are, and what has happened to bring you to this point.

See also: 5 Ways Your Life Will Change After Bankruptcy.

22 years: too long to be done with debt.

We can have you done with debt in less than 5 years. You may even decide you never want to use it ever again.

Why not gather up your financial information and sit down with us for a free consultation? Let us show you what post-bankruptcy life might look like so you can decide if it’s the right move for you.

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