Getting ahead in life often feels impossible. California consumers tend to grow frustrated when faced with the limitations of their own finances during certain times of the year, particularly those that involve traditions centered around shopping. As data from the 2018 holiday shopping season rolls in, it is possible that some consumers might need to consider the benefits of pursuing Chapter 7 bankruptcy.
The Federal Reserve recently announced that consumer credit debt had risen to more than $4 trillion -- a new record. Revolving credit played a smaller role than might be expected in this increase, though. Consumers added only 2 percent to their credit cards -- a form of revolving debt -- in Dec. 2018, compared with 11.7 percent in Oct. of that same year.