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New Mexico Lawyers Serving New Mexico's Legal Needs Since 1997

Struggling with credit card debt? Chapter 13 might be an option

Anyone in New Mexico who is facing serious financial problems is definitely not alone in the struggle. In fact, tens of thousands of people throughout the nation are currently going through similar situations. Credit card debt is often a causal factor when finances are thrown out of whack. Chapter 13 bankruptcy may be a solution.

There are several categories of people who reportedly tend to carry more credit card debt than others. For instance, those born at the end of the baby boomer era, as well as Generation Xers consistently rank high on lists regarding those who often carry balances at the end of the month. While most people assume that those who earn higher incomes have less debt, current studies show the opposite may be true.

Anyone earning more than $50,000 per year is more likely to accrue substantial credit card debt than those whose jobs pay less. Equally surprising is the fact that college graduates often carry more debt than their noncollege graduate peers. Various issues lead to credit card debt.

Those who pay for short-term expenses on credit, such as for clothing or electronic devices are at great risk for financial problems, as well as those who have a lot of medical bills. Chapter 13 bankruptcy is a repayment plan that allows those with reliable income to restructure their payment plans so they can retain ownership of their assets but satisfy their debt over a period of three to five years. New Mexico residents interested in learning more about Chapter 13 or other types of debt relief can tap into local resources for more information.

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