Credit card issuers have raised interest rates to unbelievable levels, increasing some to more than double what they were. The high twenties are common and some credit cardholders accounts have been raised to thirty percent and more.

Unless you have a very small balance on such an account, it can be impossible to pay off this kind of debt.

The best option is to get a low-interest loan, pay off the high-interest credit cards and not use them again.

However, not everyone can get such a loan. For some people bankruptcy will be their only option.

So here’s a very informative, short video with some excellent advice about filing for bankruptcy.

P.S. You can use our interest calculator to see how long it will take you to repay your debt, and what interest rate you’d need to get on a personal loan or for a balance transfer to avert bankruptcy. Find it and more at:

www.moneysavingcreditcardsecrets.com