Options for addressing credit card debt

Options for addressing credit card debt

On Behalf of | Jun 3, 2021 | Uncategorized |

Credit card debt can become a big problem for a Landover resident who cannot make their payments. As a credit card balance sits unpaid with only the minimum payments made each month, it can quickly balloon into a massive amount due to interest and fees. Maryland residents should know, however, that they have options for addressing credit card debt and getting their insurmountable credit card balance is under control.

This post is informational in content and should not be read as financial or legal advice. Different debt relief strategies will work for different individuals and no reader should assume that the information provided herein is guidance on how to address their specific needs. Attorneys who provide debt relief representation can offer case-specific support to men and women who are dealing with crippling credit card debt.

Debt relief options outside of bankruptcy

Before a person files for bankruptcy to alleviate their credit card debt burdens, they may wish to consider other options for reducing their debts over time. Often, individuals can work with their credit card companies to alter their payments or restructure their debts so that paying them down becomes more manageable. Debt relief attorneys can help their clients negotiate these terms.

Other options like debt consolidation may work for some credit card debtors. Consolidation can help individuals bring their debts together into single payments with lower interest rates.

Bankruptcy for credit card debt

In some situations, particularly when individuals have more debts than only those on their credit cards, bankruptcy may be a viable option for getting out of difficult financial straits. While Chapter 7 bankruptcy allows a debtor to liquidate their assets to pay off their debts all at once, Chapter 13 bankruptcy is available to debtors who have some available income to pay off their debts over time. Bankruptcy attorneys can advise their clients if these or other options may be useful to eliminate their cards.

Credit card debt can be overwhelming but it does not have to be permanent. Debtors have options for getting ahead of their credit card balances and paying them down to zero. Attorneys who work in debt relief and bankruptcy can provide necessary support to help debtors find the right options for them.