You Deserve Financial Relief

Russell G. Small

The length of credit card debt

Most consumers in Connecticut and around the country who owe money to credit card companies carry the debt for more than a year according to a poll conducted by Almost a quarter of the consumers who participated said that they had carried such debt for at least three years, and 14 percent said that credit card companies had been charging them interest for five years or longer. The study also reveals how income influences the way consumers handle credit card debt.

While individuals who are struggling to earn a living are more likely to have credit card debt, Americans with higher incomes tend to carry their balances for longer periods. Only about 7 percent of the consumers earning less than $30,000 indicated that their credit card balances were five years old or older, but that figure jumped to 17 percent among respondents earning $80,000 or more.

Experts say that this is likely because more affluent consumers are less concerned about credit card interest rates that average 17.5 percent and increase to 24 percent or more for borrowers with troubled credit histories. Those with lower incomes tend to use credit cards more cautiously and often look at them as a form of emergency borrowing and not a way to cover everyday expenses.

Many consumers run into problems with credit cards after losing a paycheck due to a layoff or other setback. Using revolving credit to cover essentials provides temporary financial relief, but it can plunge consumers into a downward spiral of debt, fees, interest charges and almost daily harassment from bill collectors. Attorneys with experience in this area could explain how bankruptcy laws give Americans an escape from overwhelming debt, and they could also point out that the stay issued automatically when a Chapter 7 or Chapter 13 petition is filed puts at least a temporary end to creditor harassment.

No Comments

Leave a comment
Comment Information

How can we help?

Financial Freedom Is Just A Call Away

When you are overwhelmed by debt, we can help you explore your options and find relief. Should you choose to file for bankruptcy, calls from creditors and debt collectors come to a stop almost immediately, allowing you to get back to living your life.

Call us today at 800-261-3275 or contact us online to schedule a consultation. Our firm offers evening and weekend appointments and home visits. Credit cards and payment plans are accepted. Se habla Español.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Email Us For A Response

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

get in touch

The Law Office of Russell Gary Small, P.C.

3715 Main Street
Suite 406
Bridgeport, CT 06606

Map & Directions

Hours of Operations:

9 a.m.-6 p.m.
Saturday & Sunday:
By Appointment Only