Press Release Author = David M. Siegel & Associates
Industry = Internet & Online
Press Release Summary = Credit card balance of $8,900.00 at 19% would take 176 months (over 14.5 years) to pay off at $150.00 per month. That statistic assumes that no additional charges or late fees are added. For many, bankrutcy may me the most logical debt solution.
Press Release Body = FOR IMMEDIATE RELEASE 12/20/05
A single credit card debt with a balance of $8,900.00 can take over 14.5 years to pay off. This assumes an interest rate of 19%, which is not atypical and a monthly payment of $150.00. It further assumes that no additional purchases, advances, late fees or increases in interest will occur. Now image an individual who has several credit cards with similar balances. For many, the option to file bankruptcy seems to be a more logical solution than to pay, pay and pay.
How does one determine the time it will take to pay down debt? Several debt calculators are available for free at http://www.bankrate.com. By plugging in the total debt, interest rate and monthly payment, the time in months will be displayed. David Siegel, consumer bankruptcy attorney and American Bankruptcy Institute member, suggests that \"if it takes more than six months to one year to pay off the total debt, bankruptcy may be the best solution to resolve the issue.\" \"There is life after bankruptcy for most filers\", continues Siegel.
B. Burns of Lawndale can finally save money where in past years, she would pay, pay and pay. She can now afford to spend on simple pleasures like cigarettes and lottery. She too was trapped by high interest credit card debt. When she no longer had the ability to make even the minimum monthly payment, she decided to file for Chapter 7 bankruptcy relief and she took back control of her paycheck. Further explanation regarding the different types of bankruptcy and the relief associated with each are available at https://www.bankruptcylawyerschicago.com. If a person cannot qualify for Chapter 7 bankruptcy protection, the option to file Chapter 13 (bill consolidation through a trustee) may be available. It\'s advisable to speak with a local bankruptcy attorney before making any hasty decisions. Most reputable bankruptcy attorneys will offer a free, initial consultation with a prospective client.
For Further Information: David M. Siegel davidmsiegel@hotmail.com https://www.bankruptcylawyerschicago.com
Web Site = http://www.bankruptcylawyerschicago.com
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