Many people who are up to their necks in debt put off filing for bankruptcy because they worry that they will no longer be creditworthy after filing for debt relief. While your credit rating is sure to take a steep hit in a bankruptcy filing, if you are considering filing for bankruptcy, you are already in serious financial distress.
Many Texas residents are dealing with debt. Many would likely say that their financial situation is one of their primary concerns. This debt may be related to credit cards, student loans, or medical bills. Because employers understand the considerable impact that debt has on their employees, some companies in the US have started to offer help to their employees. US companies are taking different approaches to help their employees deal with debt.
Many Texans are struggling with significant amounts of credit card debt that they find it difficult to repay. While some people are able to pay off their credit card bills each month and avoid carrying a balance, those who do carry a balance often extend it out over a year or more. According to one report, 56 percent of people who carry balances on their credit cards maintain them for more than a year. Around 23 percent have remained in debt for three years or more while 14 percent have carried their debt for five years or more.