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Illinois bankruptcy: Consumers are using credit cards again

There may be some people in Illinois that would be surprised to know that consumers are using credit cards again. After watching people struggle with credit card debt, lose their homes and file bankruptcy, consumers may want to think twice before incurring more debt. Many people are saying that by the end of this new year, there will be another rise in people that are unable to pay their credit card bills.

Reports are showing that the economy is slowly beginning to recover, but consumers are using their credit cards faster than the economy is rebounding. Banks are reporting that credit card delinquencies are down, and they are beginning to loosen their credit restrictions. Banks are expanding the amount of consumers they are extending credit to even though some of those they are giving credit to may have trouble paying their bills.

It's not only credit card debt that is on the rise. Many people are buying cars and taking out student loans at record rates. The combination of all of these increases could spell disaster by the end of the year. People who began the year ahead of the game may find themselves falling behind in the end.

Then there are those Illinois consumers that continue to struggle despite reports about the current condition of the economy. For those consumers, there has not been any sign of improvement. Filing for bankruptcy could give those consumers the breathing room they need to deal with their financial situation. Getting a fresh start financially could mean a good end to this new year.

Source: Time, "Credit Card Bills: Many Americans Will Fall Behind This Year," Martha C. White, Jan. 7, 2013

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