Major credit card debt can build over time. For New Jersey residents who are confronted with this issue and the inevitable problems associated with it, it is important to understand the potential solutions that a Chapter 13 bankruptcy may provide. Before filing, there are common missteps that contribute to the accruing of debt.
There are strategies people think can be effective to clear their credit card debt, but tend to fail. For some, there is a misplaced belief that the intermittent skipping of payments will help. This does little more than damage the credit score, raise the interest owed and accumulate late fees. Some people might make the minimum payment each month. While this satisfies the basic requirement, it does not impact the debt.