Staying out of debt is a goal that many Louisiana residents undoubtedly have. Just as many, if not more, may simply be looking for debt relief in order to get out from under their current debt burdens. It can be difficult to toe the line between having good debts and bad debts and having any of those debts get out of control.
When it comes to good debts, loans relating to mortgages, student loans or small business loans often fall into this category. They are typically considered good because they have beneficial uses, such as using student loans to obtain a quality education or getting a mortgage to buy a house. Of course, many people can reach a point where they struggle with even these good types of debt.
Plus, there are bad debts to consider. Credit card debt commonly tops this list as many people overuse their cards or fail to keep up with their monthly payments. Unfortunately, those issues could mean additional fees and penalty costs, damage to credit scores and other detrimental effects. In fact, many people feel completely overwhelmed by their credit card debt.
When it comes to finding debt relief, it is important to know what types of debt a person has and what options could help address them. For instance, bankruptcy is a common relief option that can help in numerous situations, but most often, student loans are not discharged during this process. In order to gain the right information for a specific case, Louisiana residents may want to consult with knowledgeable bankruptcy attorneys.