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How forgetfulness may lead to bankruptcy

Most people in Ohio have experienced unpleasant moments of forgetfulness, from leaving a wallet at home to forgetting they needed to put gas in the car. But what about forgetting to pay an important bill? Although most people think it probably could not happen to them, many individuals struggle with remembering to pay their debts on time, which could ultimately push them further into debt and in need of relief through bankruptcy. 

NerdWallet conducted a survey to find out why so many adults struggle with paying their credit card bills on time. They asked more than 2,000 U.S. adults if they had ever missed a credit card due date and if so, why? Of the respondents, 56 percent who had missed a payment said they struggled to pay by the due date because they spent too much on items considered nonessential. The second most common reason for missed payments was blamed on larger debts, such as car or student loans. There was some overlap with responses, with many adults reporting multiple reasons for late payments, including those listed above as well as easier credit approval and stagnant wages. 

However, nonessential spending, low wages and overwhelming debts were not the only reasons people were late making their payments. Around 35 percent of people are currently delinquent on their credit cards because they just forgot to pay. Consumers may feel less pressured to remember these payments, as another NerdWallet survey found that while nearly half of American adults would delay or skip making a credit card payment, only 17 percent would consider doing so with a mortgage.  

Even if credit cards seem like inconsequential debt when stacked up against mortgages, car loans and student loans, there are still serious consequences for nonpayment. Interest rates can quickly grow a credit card balance, and going too long without payment can land an individual in collections, where he or she will likely face ongoing harassment. When life intervenes in an Ohio resident's ability to pay back debt, bankruptcy can be a smart alternative to embarking down a path of nonpayment and harassing creditors. 

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