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New Jersey bankruptcy: Can credit cards help rebuild credit?

With many consumers in New Jersey struggling with their credit card debt, it may be difficult to believe that credit cards may actually be helpful. As a part of planned debt management, it is possible. Credit cards can be used to rebuild a consumer's credit score after a bankruptcy.

Paying off balances every month may seem like a daunting task for those already buried under their credit card debt, but for those who are able, this is a good strategy. It may seem counter intuitive to use a credit card when you are able to use cash, but credit can be established and can improve through this method. Every time a bill is paid on time, a consumer's credit score increases.

Where consumers begin to get into trouble is when they have an abundance of credit cards and become unable to pay the balances off each month. In today's economy, there are many people what are living from paycheck to paycheck. Some consumers have even had to use their credit cards just to get through each month.

When a situation such as this becomes a burden on a consumer, debt management may not be enough. Many consumers in New Jersey are in this situation right now through no fault of their own. They may desire to put credit building strategies into effect, but are simply unable to do so in their current situation. For those consumers, filing for bankruptcy protection may be a viable solution. Being able to start over financially could allow a once struggling consumer to rebuild their credit on their terms.

Source:, "Financial Facts: Credit card debt - friend or foe?" Bob Kieber, Jan. 5, 2013

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