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Bankruptcy: Post-holiday debt could lead to financial struggles

Many individuals in Ohio and elsewhere may have chosen to celebrate the holidays by providing each of their loved ones with a multitude of gifts. While at the time a similar decision may have been fulfilling, when the bills begin to arrive, some may find themselves facing a substantial amount of debt. While in some cases, similar financial troubles may only be temporary, should they persist, an individual may find it advisable to seek guidance on the available outlets for debt relief, such as bankruptcy.

According to reports, the average amount of debt taken on by each individual over the recent holiday season was just above $1,000. While some may have chosen to pay for their gifts up front, others might not have possessed the necessary savings to do so. This likely led many to turn to credit cards, and nearly half of those surveyed suggested they wouldn't be able to pay off their holiday debt for several months.

While the average amount may not seem like a great deal for some, placing such an amount on a credit card could cause issues in the future. With high interests rates, individuals who are only able to make the minimum payment required could carry a similar balance for numerous years. Those who begin to experience prolonged periods of financial struggle due to overwhelming amounts of debt may wish to pursue relief, but they might be uncertain where to turn for assistance.

Those who experience financial issues under similar circumstances could benefit from seeking guidance on how best to approach the situation. By speaking with a bankruptcy attorney, an individual could obtain advice on every outlet for debt relief and their potential outcomes. An attorney can address the financial situation of a client in Ohio and assist him or her in pursuing relief from debts through the necessary channels.

Source: cnbc.com, "Holiday hangover: Americans racked up more than $1,000 each in holiday debt", Jessica Dickler, Jan. 2, 2018

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