It is not uncommon for Kentucky consumers to rely on credit cards to help make ends meet. When people face large medical bills or unexpected expenses, they may pull out their credit cards to cover the costs. However, if people aren't careful, they can quickly see their credit card debt add up and end up struggling to keep up with payments or make progress in eliminating their balances.

Excessive credit card debt have started to become an issue for older individuals. In 2012, middle-income households headed by people over the age of 50 carried more credit card debt on average than households headed by younger individuals. This is the first time this has occurred.

The report, created by the Demos National Survey on Credit Card Debt, determined that about half of those households used credit cards to pay for medical bills. An additional third of those used credit cards to pay for day to day expenses. While credit card debt can be difficult for anyone to manage, older individuals usually have a harder time generating the income to pay off debts.

When people have more debt than they can manage or will be able to reasonably pay back, filing for bankruptcy may allow them to get their finances in order again. The two principle forms of consumer bankruptcy are Chapter 7 and Chapter 13. The latter is designed for people who have reliable sources of income, and it allows them to restructure and make payments on their obligations over a period of either three or five years pursuant to a court-approved plan.