Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Will You Put Your Next Offering on Plastic?

An article was released on MSN yesterday that was meant to get a few laughs but left me a little stunned. Do you know who is now accepting payment on a credit card? Along with government offices, vending machines, airplanes, fast food drive-thru windows, phones, bridges, and toll roads, credit cards are now being accepted in church and at Salvation Army kettles. You can put good will on plastic now?

It makes me think, “What kind of world are we living in?” Unfortunately, the answer is a world where the idea of putting off payments until next month is accepted. And while some may be able to handle the delayed spending, I know all too well that others cannot. If you are having trouble saying no to credit card offers, think about these facts for a second:

2009 has seen a record high in credit card delinquencies.

Late payments have risen 40%.

According to an article by Saskia Scholtes of the Financial Times Limited, payments that were at least 60 days late have hit 3.75%, which is a record in the United States.

The worst of it is that people are adding to this debt every day. With one careless swipe, people are spending money they can’t even see. Are there options for help? Chapter 7 Bankruptcy actually wipes out your debts to give you a fresh start. If you are under credit card debt, you would be well-advised to contact an attorney who can help you get the relief you need to live the life you want.