The United States did away with debtors' prisons a long time ago. So the short answer to your question is, no, you will not go to prison if you fail to pay your credit card bill.
Bankruptcy: Knowing when to seek relief from debts
For many individuals in Ohio and across the nation, debt may seem like a part of everyday life. A person may turn to lines of credit for assistance in a variety of scenarios, and the subsequent addition of debt might not always prove harmful to his or her overall financial standings. However, for individuals who wish to protect this aspect of life, it may be helpful to know how to tell if debts have become a serious issue, and when it could be advisable to speak to a bankruptcy attorney for guidance in pursuing relief.
Bankruptcy: Medical bills continue to be an issue for many
Due to the sudden nature of a medical emergency, planning and saving for a trip to the hospital can be a difficult task. With the extensive nature of the cost of treatment, many individuals in Ohio may view the idea of receiving a hospital bill with more apprehension than the thought of suffering an illness. Medical bills continue to be one of the leading causes of debt across the country, and those who experience such challenges may wish to seek guidance on the available outlets of relief, such as bankruptcy.
Bankruptcy: Reducing credit card debts by seeking guidance
Although there are a multitude of circumstances in which an individual in Ohio could begin to experience monetary hardships, some tend to be more common than others. Recent studies suggest that individuals across the nation carry as much as $527 billion in total in credit card debts, and with interest rates continually on the rise, these numbers are likely to increase. Those who wish to pursue relief from similar financial difficulties could find it helpful to speak with a bankruptcy attorney for guidance on how to achieve their financial goals.
Seeking assistance in preventing a home foreclosure
Many individuals in Ohio and elsewhere might approach the prospect of buying a home with nothing but excitement. However, this decision may also bring about financial responsibilities that could prove troublesome should one fall behind on payments. Facing a foreclosure can be an intimidating process, but it may also take time to complete, and a person might be able to take certain actions to delay or prevent it from occurring.
Bankruptcy: Reducing debt loads by seeking guidance
With the high interest rates on most credit cards, many individuals in Ohio have experienced the strain of financial struggles. Recent reports indicate that the average household pays amounts in excess of $900 a year in interest alone on revolving credit card balances. Those who struggle with substantial monetary concerns might find it helpful to know how to go about cutting down on debts, and when it could be time to seek further assistance through outlets such as bankruptcy.
