The generation of students coming out of college may still be paying for their credit cards long after graduation. Some projections indicate that the newest generation of credit card users could still be paying for their credit card debt when they die. Some in New Jersey may decide to file bankruptcy long before that happens.
Many people say that it’s just too easy to get into debt using credit cards. Not everyone is able to pay off the credit cards in a timely manner. People used to be able to use their credit cards and pay them off before they use them again. These days and in this economy, people use their credit cards, but are not able to pay them off the same way as in the past.
At some point, credit card companies may have to change the way they issue credit cards. They may have to raise minimum payments in order to get people to pay back more of their debt. Some may argue that credit card companies should make it more difficult to get a credit card; but even as they say that, they don’t believe that will actually happen.
“Some consumers, through no fault of their own, may never be able to repay their credit card debt. For those consumers, the Bankruptcy Code and New Jersey laws provide protection from creditors and the possibility of a fresh financial start. Filing for bankruptcy could give consumers the time and space they have needed in order to effectively deal with their financial situation. Having the chance to wipe away the financial struggles of the past and start fresh could be just what is needed.
Source: Marketplace.org, “Millennials likely to take debt to their graves,” Audrey Quinn, Jan. 31, 2013