When it comes to credit card debt, it’s all too common for people to find themselves stuck in a never-ending and growing spiral of debt. A person can start their credit history with a few fun purchases, but quickly find themselves unable to pay off their balance, which can eventually lead to having to pay credit card bills with other credit card accounts.
If this cycle is allowed to last long enough, a person may end up having to file for bankruptcy. If caught early enough, however, it is often possible to fix the problem. This is usually done by stopping the use of all credit cards. Movies and TV shows are well known for showing characters cutting up their credit cards at this point.
While nothing drastic should happen, the truth is that continuing to use a credit card you can barely afford is detrimental to your recovery. If you are currently relying on credit to pay for necessary expenses, you will likely need to analyze your budget and find ways to cut your budget, or even potentially get a 2nd job.
On top of that, you’ll need to take a look at all of your accounts to find out which ones are costing you the most, month by month. By that I mean the interest rate. Many accounts will lure people in by talking about low interest rates, but in fine print, the account details will indicate that if an individual is late or misses a payment even if within a day the account automatically defaults. at considerably higher interest. rate, like 29.99%.
Interest is wasted money, so it’s crucial to check your interest rates every month, so you can focus on paying off those with the highest interest rates first. . You can then transfer this payment amount to the next account, speeding up as you go. Often called the snowball method of paying off debt!
The road to getting out of debt is long, but with a little planning and guidance, you might find yourself free sooner than you think.
Bond & Botes helps people with debt
We are local and offer a free confidential face-to-face consultation. We also offer free consultations from the comfort and security of your home or office by phone and / or video with an experienced lawyer. Let us solve your financial problems. There is no obligation, and that means there is no downside to putting together the information you need to make good decisions on how to break the stress cycle of debt and move on. the front. We can answer all of your questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping a foreclosure or wage garnishment, avoiding lien, stopping lawsuits, ” medical debt, personal loans, payday loans, credit card debt, etc. We can alleviate your stress! We want to help you and we can help you!
Bond, Botes, Sykstus, Tanner & McNutt, PC
102 South Court Street, Suite 314, Florence, AL 35630
Telephone: 256-760-1010 • Fax: 256-760-1023
Office hours: Monday to Friday • 8 a.m. to 5 p.m.
No statement is made that the quality of legal services to be provided is superior to the quality of legal services to be provided by other lawyers.