Total Bankruptcy

The Washington Post reports that Americans are increasingly unable to pay off their credit card debt, which forces banks to not only lend to fewer people, but to also stockpile cash to guard against future losses.

Recent Federal Reserve data shows that the rate of credit cards defaulting increased 54 percent in the second quarter of 2008 from the same period a year ago.

Capital One recently announced that that their clients’ default and delinquency rates are climbing, especially in the credit card and auto loan departments. It further reported that 6.34 of its credit card loans went into default in September, which was up from 5.96 percent of newly defaulted loans in August. It expects defaults will rise up to 7 percent of loans going bad each month.

JPMorgan Chase reported that the number of their credit cards in default status rose 45 percent in the third quarter compared to the same time last year. The company also predicts that default rates will continue to rise to total 7 percent of credit card loans going bad each month by 2009.

Are you having trouble making ends meet, much less paying off your credit card debt? Did you know that Chapter 7 bankruptcy can eliminate unsecured debt like credit card debt?

You can get out from that crushing pile of debt. Talk to a bankruptcy lawyer today about your options. Check out www.TotalBankruptcy.com. Fill out the free bankruptcy case evaluation form or call us at 1 877/349-1309 and we’ll quickly get you connected with a bankruptcy lawyer in your area.