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Bankruptcy comes early for many college students

| Feb 27, 2013 | Credit Card Debt |

Many Wisconsin residents in their early 20s, including college students, find themselves deeply in credit card debt thanks to impulsive choices due to lack of financial experience and easy access to credit. According to a study by the International Journal of Business and Social Science, half of college students in the United States have four or more credit cards. This can cause them to end up with enormous debt, financial troubles and poor credit scores.

One woman who recently shared her story racked up more than $20,000 in credit card debt in college. She received her first credit card as a freshman. Four years later, she had four credit cards and was deeply in debt. According to the story, she admits that she had problems understanding the way that her debt added up over time.

To restore her finances, she filed for bankruptcy at the age of 23. While her parents discouraged her from doing so, she believes she made the right choice. She was able to start over with a clean slate and said that she is now following her dreams and furthering her career instead of living with her parents.

When Wisconsin residents end up with large amounts of debt from credit cards and other sources, they may feel like they have no options. However, people in these situations may be able to benefit from speaking with a bankruptcy attorney because an experienced attorney could help people understand what is covered by filing for bankruptcy and what is involved in the process. This may help people better understand their choices and make the right decisions based on their circumstances.

Source: Huffington Post, “Bankrupt at 23: College Grad’s Financial Ruin and Rebound,” Feb. 11, 2013

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