An increasing number of people in Texas are facing significant credit card bills that they may find themselves unable to pay. This is especially true after a change in financial circumstances, such as the loss of a job or a serious illness that incurs medical bills. Across the country, 83 percent of American adults have at least one credit card, but the average person has three. There is over $1.04 trillion of credit card debt in the United States, an increase from $857 billion in 2013. On average, American consumers have $5,331 in credit card debt in 2019, and most people don't pay off their full bill every month.
Bankruptcy is a powerful financial tool for people in Texas who have burdensome debt, but they aren't a magic shield that protects from future financial woes. Many individuals find themselves in a situation where they may want to file for bankruptcy a second time. While getting a second bankruptcy has certain limitations and waiting periods, it is possible for some. For many, however, there may be other ways to relieve debt.
Many people find that even saying the word bankruptcy leaves a bad taste in their mouth. They may have been raised to believe that anyone who seeks such protections is unscrupulous or irresponsible. The modern American lifestyle, unfortunately, often requires the use of credit.