How One Family Wiped Out $1,200 in Credit Card Debt, Saved $575 in Interest

On Monday, we discussed a Chicago-based debt settlement firm that will be refunding more than $2 million to Illinois customers. The video above is a July 4, 2012, segment from WBBM-TV as part of the station's "Survive This Economy" series. The Wright family's story demonstrates how paying more than the monthly minimum can wipe out credit card bills in a matter of months rather than the years it would take by only paying the minimum each month.

While paying off credit card balances as soon as possible is certainly the ideal way for consumers to manage their finances, many families in Chicago and throughout Illinois are struggling just to pay the monthly minimums. For many cardholders, unemployment or reduced income prevents them from paying more.

If you are currently overwhelmed with credit card debt, you should know that you may be able to discharge your unsecured credit card debt by filing Chapter 7 or Chapter 13 bankruptcy. You can either use the form on this page to have us review your case or you can contact our firm at (866) 930-7482 to schedule an initial consultation.

There is one group in particular that needs to be especially cautious about how they handle credit cards, and we will further discuss that in our next blog post.

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