February personal bankruptcy filings were up 11% over the previous month, which outpaces the 2010 bankruptcy growth rate of 9%. Experts are predicting 1.5 million filings by the end of 2011, and that’s dependent on the start of a slow but steady economic turnaround.
Being in debt can be stressful, and may make options like bankruptcy seem appealing as a way to get out of debt quickly. Millions seem to agree, but fast isn’t always best. Before handing control of your finances to a judge in a court of law, talk to a nonprofit credit counseling agency, like Clearpoint, about how you can regain control of your own financial situation. Consumer credit counseling can help by offering free credit education, budget advice, and ways to negotiate repayment plans with your creditors. It may be that bankruptcy is your favored option, but learning about your options will help you make will be an informed decision.
For more information about how free credit counseling may help, visit www.clearpoint.org or call toll-free 877.412.2227 (CCCS).