Most consumers in Louisiana have credit cards, and many are able to effectively manage their balances and make timely payments each month. For some, however, credit card debt quickly accumulates to the point where they may no longer be able to keep up. Thanks to quickly accumulating interest, even a missed payment or two can lead to a serious financial crisis for an individual.

Recent statistics indicate that credit card debt is a major problem for a growing number of consumers. In fact, it is on pace to reach a 10-year high. Studies also suggest that the number of people who are at least 90 days past due on their credit card payments is expected to rise approximately 2%. Despite these projections, some experts say that this is not necessarily cause for alarm.

While some financial experts may not be concerned, individual consumers may be. There has been faster rate of delinquency in credit card accounts that are newer, which may mean that people are struggling to keep up with just their minimum payments each month. Many consumers have multiple revolving credit accounts open at one time.

Credit card debt is not always a reason to file for bankruptcy, but it could be the optimal choice for some people. If a Louisiana consumer is behind and struggling to keep up, this process could give him or her the opportunity to gain a fresh financial start. This is a major legal and financial decision, making it important for a person considering this step to first seek the guidance of an experienced bankruptcy attorney before proceeding.