Jeopardizing retirement to deal with credit card debt | Milwaukee, WI

BREAKING NEWS:   U.S. Department of Justice announces new rules to discharging federal student loans. Find out if you qualify TODAY!

Milwaukee 414-250-7880         Madison 608-465-4594         Green Bay 920-626-3125


Serving all of Wisconsin

Toll-free 866-906-5634  Milwaukee  414-250-7880     Madison  608-465-4594     Green Bay 920-626-3125

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

Home 9 Credit Card Debt 9 Jeopardizing retirement to deal with credit card debt

Jeopardizing retirement to deal with credit card debt

by | Aug 16, 2013 | Credit Card Debt

During difficult economic times, downturn, some Milwaukee residents may turn to credit cards as part of their fiscal survival strategy. On the plus side, a majority of people are making their credit card payments on time; just over two percent of people were more than 30 days late on their payments in the first quarter of this year. On the other hand, the Federal Reserve reports that outstanding credit card balances in the United States clocks in at more than $850 billion.

In response to the amount of credit card debt built up in recent years, some individuals are pulling money out of their retirement accounts to pay down account balances. Financial guru Suze Orman, featured on CNBC, advises consumers that this is one of the biggest financial mistakes that they can make.

Orman goes so far as to advise people that filing for bankruptcy to deal with seemingly unmanageable credit card debt is preferable to using hard-earned and vital retirement money to deal with the issue or problem. Paying a large amount of taxes for funds that would have been protected from bankruptcy proceedings and may not be enough to pay down debt simply doesn’t compute.

A personal bankruptcy attorney may be able to aid consumers in dealing with credit card debt, and creditors generally, by filing either a Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy permits a liquidation of certain debts while a Chapter 13 bankruptcy results in the creation of a payment plan to satisfy most obligations to creditors. In either case, retirement fund and accounts are protected.

Source: CNBC, “Suze Orman: Don’t put your retirement on a credit card“, Sakina Spruell, August 07, 2013

the secrets about bankruptcy they don't want you to know

Complete this form to receive your FREE copy of Attorney Miller’s book, The Secrets About Bankruptcy They Don’t Want You to Know. Order today to begin your personal journey toward true financial freedom.

Sidebar (Book Request)