Using credit cards has become a regular part of life for consumers in Louisiana and across the country. According to the Federal Reserve, credit card debt in the United States has reached a record high of $1.0217 trillion. Fortunately, there may be multiple options for finding debt relief for those facing significant monetary obligations.
Whenever an individual fails to fully pay his or her credit card bill, the amount will begin incurring interest. As long as the bill goes unpaid, the interest can also accrue more interest. Not only can credit cards be difficult to pay off, but unpaid bills can negatively affect credit scores. This can make it difficult to rent or take out loans.
One of the first things a person can do to begin tackling the debts is to stop using their credit cards. Debtors should then examine all credit card debt to determine the most significant ones in order to pay those off first. If the amounts a person owes are too much to possibly pay off, they may want to consider other options, such as bankruptcy.
Whether a person can manage his or her financial obligations through budgeting or are considering bankruptcy, contacting an experienced Louisiana bankruptcy attorney may be beneficial. Anyone interested in learning more about the different forms of bankruptcy and other debt relief options could speak with an attorney to learn more and to gain assistance in any potential related legal proceedings. An attorney could review a person's financial situation to help determine the best course of action for achieving debt relief.
Source: businessinsider.com, "Credit card debt has reached an all-time high - here's how to get yours under control", Maurie Backman, Sept. 28, 2017