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Dealing with debt through bankruptcy

Much like an unwanted visit from family, debt is a common problem that most consumers struggle to handle. As credit card debt continues to climb, some Ohio consumers may feel as if they are facing an impossible situation. The results of a recent survey indicate that many people are in this type of situation, which bankruptcy can help address. 

The nationwide survey involved over 1,000 American consumers who had $500 or more on their credit cards. The vast majority reported feeling seriously concerned over their growing debt. This concern is having real, tangible effects on people's lives. Approximately 25 percent of respondents said their debt had a negative effect on their relationship. A third said their debt caused them to lose sleep. 

Unfortunately, while many consumers are desperate to address their debt, few ever received proper financial education. In that same survey, 14 percent of people predicted that they would not be able to pay off their credit cards for at least five years, while 10 percent said they would be in debt for the rest of their lives. Some felt so devoid of options that they said they would move to Antarctica for a period of two years if it meant their debt would be wiped clean. Another 7 percent said they would donate a kidney to get rid of their debt. 

There are less devastating options for dealing with debt than moving to Antarctica or donating an organ. For most people in Ohio, bankruptcy can provide a proven path toward effective debt relief. Those who are no longer to make ends meet because of mounting monthly balances may want to consider the benefits of discharging those debts through bankruptcy. 

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