Since the Credit Card Act made it more difficult for people under age 21 to get credit cards a couple of years ago, parents effectively have more of a say in credit decisions for their college-aged children, according to a report in the Austin American-Statesman. Until recently, it was quite common for college students, frequently 18-20 year olds who are living on their own for the first time, to obtain credit cards despite a lack of regular income, and credit limits that they could not afford. The hope is that parents, who are more of a factor, now that most people under age 21 will need a co-signor, will be more able to monitor the spending of their children, and help them learn financial responsibility.
Has an increasing debt, or loss of income caused you to lose control of your financial burden? Speak with a dedicated Dripping Springs bankruptcy attorney right away.
The college years are important formative years for many people, as they learn how to live on their own, and how to manage their own household, including household finances. Sometimes the difference between learning responsibility during these years can have a tremendous impact on the future. One important thing for everyone to remember is that it is very difficult to predict the future. With over 11,000 individuals filing for bankruptcy in the Western district of Texas alone in 2011, according to the US Courts, clearly those who are struggling to keep up are not alone.
If you have had a change in financial circumstances that is making it impossible to keep up with debt that was once manageable, contact an experienced Dripping Springs bankruptcy attorney right away to discuss your options. It may be that bankruptcy is the right solution for you. Dripping Springs bankruptcy attorney Brian Daniel can help you examine all of your options, and decide whether bankruptcy is the right answer, or whether there is a better solution to your financial problems. Brian understands that every family has different needs, and that when it comes to financial difficulty, there is no one-size-fits-all solution. For more information and a FREE CONSULTATION contact Brian at (512)615-3569.