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Is bankruptcy the solution to revolving debt?

Revolving debt is when a person carries a balance from one month over into the next. This type of debt can be incredibly difficult to get rid of as ongoing balances tend to accrue interest, which leads to larger and larger balances. When revolving balances -- particularly those related to credit card debt -- become too much, bankruptcy might be a solid financial option for some people in Ohio.

In America, the average household has approximately $7,000 in revolving debt on their credit cards. A report from NerdWallet indicated that this is a significant increase from 2017, when revolving credit card balances were at an average of only $6,081. Overall, carried-over credit card balances shot up an astounding $420 billion in 2018.

This increase in debt happened despite a relatively steady unemployment rate and minor wage growth. Mostly, it is happening because incomes are still stagnant and not keeping up with the cost of things like medical bills, student loans and food costs. Revolving debt is not the only issue, either. The average household in America has a total of $136,000 in debt for things like mortgages, car loans and more.

The outlook for revolving debt can often feel grim, and approximately 9 percent of consumers report that they feel like they will never fully pay off their credit card balances. This feeling of defeat can be all-consuming for some people in Ohio, but there is hope. Bankruptcy gives people the opportunity to regain their financial independence by providing relief from harassing creditors, helping them discharge debt.

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