Most New Jersey residents will acquire multiple types of debt during their lifetimes. It isn't uncommon for a person to have student loan, credit card and auto loan balances at the same time. Furthermore, many people will have a mortgage or rent payment in addition to those other balances. Credit card debt might be the hardest to pay down as it can carry an interest rate of more than 20%.
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.