Debt is a reality many people in Louisiana and across the country must face on a daily basis. Credit card debt can be quickly accumulated in a number of ways, from overspending to having to pay for an unexpected medical emergency. Fortunately, there may be several debt relief options available for those struggling financially.
A recent study revealed that as a whole, Americans owe about $905 billion in credit card debt. This estimate includes both cardholders who pay off their cards each month and those who carry balances. One reason debt is so common is because most people cannot pay the cost of emergency medical services in full, so these expenses are added to credit cards. Housing costs are another significant factor, which also leads to expensive bills that may be difficult for some people to pay off.
To help sort out a debt crisis, first determine where the money is going. By examining monthly spending, a person may be able to start cutting back on unnecessary expenses. If possible, paying full balances each month can decrease bills much quicker. For those who cannot afford to do so, focusing on keeping interest payments as low as possible is a helpful step. If the debt becomes too overwhelming, it may be necessary to look into more complex actions, such as filing for bankruptcy.
Dealing with debt can be a stressful experience. The process does not have to be undertaken alone, however. Anyone who is seeking debt relief could benefit from consulting an experienced Louisiana bankruptcy attorney. Regardless of whether an individual is considering filing for bankruptcy, an attorney could assist by assessing a person’s finances to help determine the proper course of action for his or her circumstances.
Source: finance.yahoo.com, “Average US household owes $15,654 in credit card debt“, Brittany Jones-Cooper, Dec. 11, 2017