It's no secret that many Louisiana residents struggle with credit card debt. In fact, according to a new report by Business Insider, Ruston, Louisiana, comes in second in the nation for cities with the worst credit card debt among residents. Hammond, Louisiana, is seventh on the list.
Many Americans live paycheck to paycheck, so when an emergency happens, like an expected medical expense or a car repair, they don't have any extra cash to cover it. They may turn to a payday loan for help.
Most Americans have at least some form of debt, whether it is a home mortgage, an auto loan, student loans or some other kind of credit. In fact, many of us will carry various forms of debt for our entire lives.
The short answer to this frequently-asked question is: Yes, it is often possible to file for bankruptcy protection and keep your home.