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Bankruptcy: High interest rates on store branded credit cards

With numerous incentives and bonuses available, many individuals in Ohio and elsewhere may have considered signing up for a store branded credit card. While the immediate discounts can be enticing at the time, similar lines of credit can carry high interest rates that could lead to financial troubles. Individuals who face monetary hardships due to credit card debts might find it beneficial to explore the available options for relief, such as bankruptcy.

According to reports, the interest rates on some store branded cards have reached amounts in excess of 30 percent. A store may offer a variety of incentives to counteract these rates, such as in-store discounts and interest-free periods. However, should one fail to pay off the balance during the allowed time frame, the result can be catastrophic. Those who carry revolving balances on similar cards may find the situation challenging to overcome.

This can be especially troublesome as the holiday shopping season approaches. Certain deals may only be available with use of store branded cards, and others may seem too good to pass up, potentially leading some to consider opening a line of credit. Falling behind on similar monetary obligations can create a variety of hardships in life that may leave an individual in need of relief, but he or she may be uncertain where to turn for guidance.

Substantial amounts of credit card debt can place a heavy financial burden on an individual. Those who experience similar circumstances could benefit from speaking with a bankruptcy attorney for advice on the available options with which to pursue relief from debts. An attorney in Ohio can address a client's circumstances and assist in pursuing the most favorable outcome possible regarding his or her financial future.

Source: stltoday.com, "Retail credit cards increasingly come with perks -- and a 25 percent interest rate", Abha Bhattarai, Oct. 28, 2017

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