The effects of COVID-19 extend far beyond the physical symptoms of the virus. By now, you probably have a sense of just how dire it’s looking for millions of Americans, with record levels of unemployment. Perhaps you’re one of them. But don’t be discouraged. There is a solution, and no, it isn’t your credit card.
Too many Americans don’t have the safety net to endure a crisis of this magnitude. I’ve shared before that 80% of Americans live paycheck to paycheck. Many say they are not prepared for an unexpected bill of even $400. Here are some new statistics that paint a fuller picture. A survey from last year found that:
- 45% of respondents had $0 in a savings account.
- 24% had less than $1,000 in savings.
- 33% of respondents said living paycheck to paycheck prevented them from saving more.
On top of that, total credit card debt surpassed $1 trillion last year.
Even before COVID-19 hit, far too many Americans were struggling to make ends meet while managing high credit card bills. Now, as a pandemic tests us in nearly all aspects of our lives, millions of Americans with significant credit card debt feel as if they have no option but to put more expenses on their cards. Ironic, isn’t it?
A recently released study from CreditCards.com found that the number of U.S. adults with credit card debt is up from 43% in early March. Liz Frazier writes for Forbes, “Additionally, 23% of credit card debtors, or about 28 million U.S. adults, have added to their credit card debt as a direct result of the COVID-19 outbreak.”
Significant credit card debt will not resolve itself. Bankruptcy was specifically designed to give you freedom. A Chapter 7 bankruptcy will completely wipe away all dischargeable debt, including credit card balances, medical bills, and more—the specific kinds of debt that will likely worsen during these circumstances. It’s easy, it’s quick, and you will be able to keep your property.
You deserve peace of mind.
There’s no need to feel guilt about your debt. It’s not a reflection of poor judgment, especially not in this moment, when millions of people are in the same boat.
Our lawyers have served Memphis for decades. Our commitment to serving you is as strong as it’s ever been during this time. We’re working remotely and can help you file for bankruptcy seamlessly, but also have a lawyer available to meet in person.
Give us a call today at (901) 327-2100 to explore your options.