Minnillo & Jenkins, CO. LPA
Call 513-723-1600
For A No-Pressure, Free Consultation

Bankruptcy: Personal loans are a growing financial concern

There are a variety of scenarios in which individuals in Ohio and across the nation may consider taking out a personal loan. With lesser interest rates on average when compared to other forms of credit, applying for a loan may seem a preferable option in many situations. However, it is still advisable to use caution when taking out a personal loan, as defaulting on payments could still leave a person in need of the relief provided by outlets such as bankruptcy.

When it comes to debt, the most commonly thought of culprits tend to be credit card and medical bills. However, while these remain a concern for many, experts suggest that personal loans are quickly becoming a major source of financial hardship. In some cases, consumers may be applying for personal loans to help pay down balances on other forms of high-risk debt, but trading one obligation for another might not help if one is unable to keep up with payments.

Recent studies indicate that one driving factor behind the increase in personal loan debt pertains to the ever-increasing ease of access. With a multitude of lenders that provide consumers with the means to fill out an application online, it has never been easier to apply for a loan. In some cases, applying for a personal loan may be as easy as navigating to a creditor's website on a cellular phone.

The consequences of defaulting on a personal loan can be disastrous. Individuals who are struggling under the weight of high amounts of debt may wish to form a strategy to regain control over their finances, and they could choose to speak with a bankruptcy attorney for guidance in the process. An attorney can help a client in Ohio choose the correct path to pursue relief from debts and provide guidance on how to protect his or her finances in the future.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Cincinnati Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: 513-723-1600
Cincinnati Law Office Map

Cincinnati Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: 513-685-0612
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: 513-795-0995
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Covington, KY 41011

Phone: 513-795-0995
Map & Directions