If you feel like credit card debt has taken over your life, statistics show that you’re not alone. Recent numbers from the Nilsson Report reveal that the average American household carries over $8,000 in credit card debt. With the national unemployment rate hovering at 9.5%, it’s no wonder that Americans are turning to credit cards to meet their everyday needs.
If you’re struggling under the burden of debilitating credit card debt, and can’t seem to make real progress with any of your creditors, your best option may be to declare bankruptcy. Filing for bankruptcy doesn’t mean you’ve given up—for many, it’s the only way to get back on the path to financial independence.