One of the factors that I ask people who come in for their free consultation to think about is, how long will it take to pay off their credit cards. If their debt-to-income ratio is out of kilter, it could take years and years before they make even a debt in their credit card debt. That means years and years of barely getting by. Years and years of not being able to properly provide for their family or their own future.
So, when someone asks me if I think they should file bankruptcy, I pull out a calculator and quickly run some numbers. Ultimately, the decision to file bankruptcy is up to my clients. My job is to help them through the process and provide the information they need. But if paying credit card debt off will take ten or more years, when all you can make is the minimum, I have to believe that bankruptcy is a smart and responsible decision.
Below is a helpful tool to show you how long it could take to pay your credit cards off. If you are thinking about bankruptcy, consider this factor as well as the other things you are thinking about.