Minnillo & Jenkins, CO. LPA
Hyde Park, Eastgate, Fairfield, Covington: 513-723-1600
Portsmouth: 740-300-2022
Call For A No-Pressure, Free Consultation

Bankruptcy: The risk of high interests rates and low savings

In a thriving economy, many individuals in Ohio and elsewhere may feel that the treat of entering periods of financial strain might not be a pressing concern. However, with near record average interests rates on credit card accounts during a time in which many are unable to build an emergency fund, the risk of encountering issues with debt is ever present. Even a minor change to the economy could leave many facing a need pursue the relief provided through outlets such as bankruptcy.

There may be several reasons in which experts may indicate that even a minor change to the economy could leave some families facing financial hardships. Studies suggest that less than 40% of Americans have enough in savings to cover even a lesser financial emergency and that nearly 30% of individuals have no savings at all. When mixing a lack of savings with average interests rates that sit at near record highs, any change in circumstance could prove devastating.

The results from a recent survey indicated that there are nearly 40 million Americans who have carried a constant balance on a credit card account for more than two years. Nearly eight million others admitted that they have carried similar forms of debt for much longer. Those who begin to struggle keeping up with similar obligations may be left seeking out ways to reduce or eliminate their debts, but the process can be stressful and intimidating.

Individuals who encounter significant financial hardships may wish to obtain a better understanding of their available options, but they might be uncertain where to turn for advice. Fortunately, there are attorneys who can examine a person's financial situation and provide guidance in making informed decisions about the situation. A bankruptcy attorney can work with a client in Ohio in developing a plan to seek debt relief and assist him or her in navigating the process.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information

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.


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

Hyde Park Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: +1-513-723-1600
Cincinnati Law Office Map

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

Phone: +1-513-723-1600
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: +1-513-723-1600
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Suite 5
Covington, KY 41011

Phone: +1-513-723-1600
Map & Directions
Covington Law Office Map

Portsmouth Office
612 Chillicothe Street
Portsmouth, OH 45662

Phone: +1-740-300-2022
Map & Directions
Portsmouth Law Office Map