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.