Because of the convenience, consumers in Louisiana and around the country use credit cards on a regular basis. While credit cards can be an efficient way to shop or pay bills, the convenience can also lead to financial troubles. When consumers overspend, they may eventually find themselves with significant debts. There may be several options for individuals to find debt relief.
The first step for most is to take stock of all debts and all assets. By determining exactly what is owed and what is available to pay off the debt, a person can ascertain the best way to start saving. For some, simply limiting credit card use and creating a strict budget may be enough to get finances back on track.
In other cases, a different approach is necessary. In most situations, paying more than the minimum payment is the best way to reduce the amount of interest and prevent an account from becoming delinquent. When individuals are far behind on payments and unable to make even the minimum, they may consider either contacting their creditor or contacting a bankruptcy attorney.
There are a few different forms of bankruptcy individuals may choose to file. A Louisiana bankruptcy attorney could explain these options to help determine which is likely the best solution for debt relief. Even if a person chooses not to file for bankruptcy relief, an attorney could help assess the situation to discover the proper course of action for the person’s circumstances so that he or she can regain financial stability.
Source: CBS News, “Paying off major credit card debt“, Jillian Harding, Nov. 28, 2017