Credit card debt linked to bankruptcy filings

A new study by shows that 32% of the people in the study claimed credit card debt as the reason they filed bankruptcy.  Only 12% claimed bankruptcy was due to job loss and 13% claimed filing bankruptcy was because of home foreclosure.  A problem with carrying credit card debt is that interest, late fees and penalties will quickly increase the balance owed if the consumer fails to make the payments on time.  This results in a debt that is almost impossible to pay off within a reasonable period and leads many to file for bankruptcy relief.

For more read the full story at, “This Kind of Debt Can Lead to Bankruptcy.”