By Frank Ledbetter
St. Louis Bankruptcy Attorney - St. Louis, MO
Any time people become unable to pay their minimum monthly credit card payments on time, they may be influenced to use one credit card to help make payments on a different credit card in a frantic attempt to keep current on their charges. Sadly, paying credit cards using other credit cards may result in very quickly escalating debt.
I’m usually surprised at the large quantity of credit lines people can obtain on their credit cards.
Usually when folks “max out” their credit cards they will have gotten themselves into an unsustainable debt situation where sometimes making the minimum monthly payments will leave them without the funds to pay for food, rent and additional necessities. When this occurs, individual bankruptcy could be the most suitable choice.
Most folks desire to pay their creditors entirely and on time, however I’ve noticed too many folks that get in above their heads by taking on just as much financial debt as the credit card issuers can give them. I’ve realized that the credit card issuers frequently give folks a lot more credit than they will be able to handle.
Credit card debt will rarely go away by itself. Even when a credit card provider writes off charges on an account, they'll most likely sell it off to another company who will then possess the right to collect on the balance.
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