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More Ohio credit card debt means lower credit score for many

The possible effect of bankruptcy is on the minds of many people in Ohio when they file. This includes how such an action will be seen long term through things like a credit score. Now, many find that they must chance a credit score change because of the amount of unmanageable credit card debts that they have accumulated.

Before the recent recession and housing bubble, many banks were encouraging people in Ohio and elsewhere to take money out of their homes through equity loans. When the value went down during the recession, the money was still owed. Some found it hard to make payments and turned to credit cards for help. This may lead to financial stress and a lowering of a credit score.

In fact, the number of those over the age of 50 relying on credit cards is increasing. It rose as much as 9 percent for those aged between 55-64 during the last 25 years. This was at a time when younger people are taking less out in the way of revolving debts. However, it is unclear if the credit score for the average younger individual is any better than for those who are older, as they may have suffered financially during the recession as well.

For those who have a difficult time repaying debts, a change to their credit score may be of a concern. However, there are options to help alleviate some of the stress caused by such debts. These include a filing of a personal bankruptcy. Such an action can offer relief because of the ability to discharge some, if not all, unsecured debts.

Source: Deseret News, "Americans to rack up more than $47 billion in credit card debt this year," Michael De Groote, June 11, 2013

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