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Your tax refund can help alleviate credit card debt

Credit card debt has a way of piling up while you're not looking and eating up every spare cent of your income once you do see it. Thousands of individuals throughout the country feel as though they are drowning in credit card debt, and understandably so. The good news is that the situation is rarely as dire as it feels when you are underneath it all. This tax season, if you are going to receive a tax refund, consider investing that money in your own peace of mind by using it to pay down your credit card debt.

According to recent data released by the Internal Revenue Service (IRS), the average tax return will be somewhere around $2,800, which could put a serious dent in your credit card debt. While it is not as immediately satisfying, putting your refund toward your debt can help you regain control of your finances and get on a path to complete financial freedom.

However, some individuals have accrued debt that is simply too large to realistically pay down, especially if your income circumstances have changed dramatically, as many have experienced in recent years. If you feel completely overwhelmed by your debt, you still have options. You may be able to discharge some or all of your unsecured debts (like credit cards) with a well-crafted bankruptcy procedure.

Bankruptcy is finally recovering from its bad reputation, and it's about time. Most forms of bankruptcy are not an easy get-out-of-jail-free card, but rather allow a person with unsustainable debt to make sacrifices in order to get back on track. However, this does not mean that you must give up all of your property or sacrifice your dignity. It is possible to find a path out of credit card debt that relieves you from an unsustainable burden without stripping everything you hold dear. If you are ready to consider a bankruptcy procedure, be sure to consult with an experienced attorney who can help guide you safely through the process and set you up for success on the other side.

Source: CNBC.com, "Use your tax refund to get a grip on credit-card debt," Kelli B. Grant, April 03, 2017

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