If you have more credit card debt than money in your savings account, then you’re not alone.

According to a survey by Bankrate.com, only 51% of Americans have enough cash in their emergency savings account to clear themselves of credit card debt.

This is the highest percentage in four years.

“This is a reflection of the stagnant incomes, long-term unemployment and high household expenses that are hampering the financial progress of many Americans,” said Greg McBride,a Bankrate.com’s Chief Financial Analyst.

If this is you, I urge you to take measures to resolve this issue before it comes back to bite you in the rear.

What happens if you have a sudden medical emergency that brings on high medical bills? What if you lose your job?

If you’ve saved properly, then chances are you have enough money to pay those high medical bills without failing into frustrating debt. Or chances are you have enough money in your savings to manage life and its expenses without a job for three or so months until the next one comes along, which is the rule of thumb when saving money.

However, if you haven’t saved properly and have more credit card debt than you do savings, and you have to pile on medical bills to your debt, or you lose your source of income, that credit card debt isn’t going anywhere and you don’t have the money to pay it off. Now, you’re going to face mounting credit card debt and it could take control of your life. Trust me, I’ve seen it happen to my clients.

If you’re in a position now where you can resolve this problem by stopping your bad spending habits and saving more efficiently, then I urge you do so.

However, if you’re in a position to where your credit card debt and other bills have taken control of your life, I ask you to consider filing for bankruptcy.

By filing for bankruptcy, your debt can either be discharged or you can pay it all off in an affordable payment plan over three to five years. By doing this, your debt will be swept away and you will then have a clean financial slate to build on. This will leave you a fresh opportunity to strengthen your financial foundation.

We can help you with that. If you are considering filing for bankruptcy, or would like to explore other options around resolving your debt, please call a leading bankruptcy law firm Memphis, TN residents have been relying on for over a decade.

At Darrell Castle & Associates, we have access to a great 14-week program called “7 Steps to a 720” that will help you re-establish and rebuild your credit the right way. We offer this program free to our clients.

If you have any questions or if you’re considering a bankruptcy, we want to talk with you. Contact us today, either online or by calling us at (901) 327-2100 and one of our experienced Memphis bankruptcy attorneys will be happy to speak with you about your situation, free of charge.