Many consumers in Louisiana and other states face financial burdens regularly. Debts can amass in a number of ways, with overuse of credit cards being a leading factor across the country. Though financial obligations can seem overwhelming, multiple options may be available to achieve debt relief.
According to a recent survey conducted by NerdWallet, 55 percent of Americans have been in debt at some point in their lives. Some common reasons for this are major life events, medical expenses or spending outside one's budget. In some cases, debt may be unavoidable due to unexpected incidents, but in others people may willingly put themselves in debt for something they believe is important.
One way to avoid debt is to save up money for big events or purchases beforehand when possible. Another useful tactic is to create a budget and stick to it. For those with more significant debt, other options may be necessary. Some may find relief through filing either Chapter 7 or Chapter 13 bankruptcy, which are the most common forms filed by individuals.
Whatever the circumstances, those facing excessive debt could begin the journey to economic stability by examining their options. Whether a person decides to file bankruptcy or not, it would likely benefit the individual to consult an experienced Louisiana bankruptcy attorney. An attorney could assess someone's situation to help determine the best course of action to achieve debt relief. Additionally, a lawyer could provide more information about the different forms of bankruptcy and aid in filing should an individual decide to do so.
Source: nerdwallet.com, "Are These 5 Things Worth Credit Card Debt?", Erin El Issa, Feb. 13, 2018