Bankruptcy Attorney | Is Your Credit Card Debt Out of Control? (Pt. 2)

Bankruptcy Attorney | Is Your Credit Card Debt Out of Control? (Pt. 2)

Bankruptcy Attorney | Solutions to Overwhelming Debt

Now that you have established that you might be over your head when it comes to your debt and your ability to pay back your debt, you might be feeling even more overwhelmed. Don’t be! There are options available to you!

Stop spending. This is probably obvious, but you need to get your spending habits under control. Any other piece of advice will not help you if you are wracking up debt as quickly as you are trying to pay it off. It’s time to start a budget when it comes to food and other expenses. You’ll need to be strict until you have your credit card spending under control.

Look for lower rates. Take a look at all of your credit card interest rates. Once you have a list, start calling around and asking the credit card lenders for a lower rate. They won’t always say yes, but it can save you lots of money if they agree to it. You might also mention that you’re experiencing trouble paying it off. Credit card companies are often very willing to help you in order to ensure that you stay a customer with them.

Consider consolidating your credit card debt. A debt consolidation loan from a bank, or a peer-to-peer lender can help you combine all your debts into one place. Taking advantage of a 0% balance transfer offer is also great because many of these offers come with low interest or even no interest for up to a year. This means that all your monthly payments are applied to the principle and not the interest. Once you have all your debts in one place, you can pay them all down with one monthly payment.

Pay off more than just minimums. After you lower your interest rate or consolidate your debt, try to pay down the balance in an aggressive way. Even a small increase from just paying the monthly minimum can save you tons of money on interest. This is especially true if you have consolidated with an interest free credit card. In these instances it’s crucial that you pay down the balance before that interest free time period expires.

Create a repayment plan. Many lenders will work out a repayment plan with you to repay debt. You can also work with a credit counseling service to create a repayment plan. This helps keep you on track, while also providing a light at the end of the tunnel to where you can see yourself being debt free.

Bankruptcy

If your debt is too high to be consolidated, you might want to consider bankruptcy. A bankruptcy attorney will be able to look at your financial situation and determine if bankruptcy is a viable option for you. They will also evaluate your options for avoiding bankruptcy if other options exist. There are many different ways to discharge your debt and find the financial relief you have been looking for. – Simon Resnik

Specializing in bankruptcy and foreclosure law for over 20 years. Call attorney David Pinkston for a free consultation today: (904) 389-5880. #FloridaBankruptcyAttorney #FloridaBankruptcy

If you are thinking about #bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! (904) 389-5880