Brad Weil Law > Blog > 2019 > July

Eliminating Interest Payments In Bankruptcy

One reason that people get into trouble with debt is the exorbitant interest rate found on, for example, some credit cards. If the interest rate on the only credit card someone can qualify for is 20 or 30 percent, it’s easy to end up making minimum payments and reducing the principal balance by barely a few dollars a month. That basically means the debt will never be paid off. Hence the need to file for bankruptcy.