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New Jersey bankruptcy: Be sure to do your research

Most everyone in New Jersey would love to be debt free. In the search to pay off debts, some people may end up in worse financial shape than they were before and may end up filing for bankruptcy protection by not doing their research. Reading the fine print could save many consumers from falling into a common debt trap.

Zero percent APR credit cards are marketed as a way to pay off other credit card debt without paying interest. However, if people read the fine print, they may discover that it's not quite as good a deal as it seems. There are often additional fees and costs that aren't as readily advertised.

Many people transfer their other credit card balances to these cards and aren't able to pay them off within the prescribed zero percent interest period. At that point, the interest rate can sky rocket. The cycle of debt then begins again.

Before making the decision to take a zero percent transfer offer, consumer could benefit from thoroughly reading the fine print to determine what added fees there may be and at what point they may be assessed. Once all of the numbers are discerned, it will be necessary to do that math and determine whether the deal will actually save a consumer money. New Jersey consumers may discover that those zero interest cards aren't worth it.

Paying off debt is never as easy as it seems. If that was the case, no one would be in debt. Every consumer does the best they can to stay on top of their debt, but sometimes, it's just not possible. That is when filing for bankruptcy protection could help to alleviate the stress and anxiety that often lead people to make uninformed decisions regarding their debt.

Source: Fox Business, 3 Money Mistakes that Can Land You in Debt, Ann Hynek, Sept. 6, 2013

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