Bankruptcy rates have been falling in Washington and other states during the past four years, but experts say they are not entirely sure what is causing the phenomenon. Personal bankruptcy is certainly in a lull, though the reason might not be what you think; gurus believe that tightened regulation, not more dedicated saving, may actually be preventing people from filing for financial protection. Nationwide bankruptcy filings have dropped by 14 percent since 2009, according to some estimates.
You can get a credit card even after seeking debt relief
If you are facing a significant amount of debt, you may wonder whether you will ever qualify for a credit card in the future. Many experts say that those who have sought debt relief in the past actually may be surprised at the variety of cards they may actually be eligible to use. Although your debt load is important when describing your financial challenges, it is not the end-all when it comes to deciding your credit future.
Consider payoff time when choosing Chapter 7
How long would it take you to pay off your Washington consumer debt? Experts say that those who are facing financial difficulties may benefit from Chapter 7 bankruptcy if debt repayment is anticipated to take five years or more. Although it is critical to consider the impact that bankruptcy could have on your credit score, experts say that liquidation bankruptcy could be a viable option for those who are facing serious, immediate financial troubles.
Overall credit card debt has dropped nationwide since 2013
Credit card debt among American households has dropped since 2013, with the average consumer carrying about $3,600 in debt during the first quarter of this year. However, some states have seen consumer balances rising again, with borrowers once again making big purchases on their lines of credit. Although it does not appear that Washington residents are carrying higher amounts of credit card debt, some other regions may be cruising for more financial difficulties because of their high individual rates.
