With credit cards, loans and other means of debt so easy to acquire, it is no wonder that so many people in the United States are struggling to keep up with their payments. The type of debt that often leads to the most problems is credit card debt. If you have thousands of dollars in unpaid credit card bills, SM Law Group can help!
It is easy to feel hopeless and powerless during this process. So many people earn a good living, but they see a majority of their paycheck go towards paying back debt. If you are looking to save money, or make new investments, this represents a challenge. There are even cases where you can struggle to pay your monthly rent and grocery costs, because your money is going towards past debt. Instead of continuing this struggle, you may have other options.
The general advice we get about credit card debt is to not spend the money in the first place.While this advice is coming from the right place, it is not helpful if you are already in debt. Most people with that much debt know they made poor choices, and they would not make those choices again. But, they also know that they cannot continue spending most of their hard-earned money on payments.Debt consolidation is useful because they give you a chance to tighten up your finances and group together most of your debt.
Sometimes people will look into consolidation through a secured loan. This involves taking out a second mortgage or a line of credit against your home or other valuable possessions. These loans come with lower interest rates and lower monthly premiums. However, they also mean that you are putting your assets on the line. Only engage in a secured loan if you are very certain that you can keep up with those payments down the road.
SM Law Group Can Help
If you find yourself in debt and not sure what options you have, SM Law group can help. We will walk you through all bankruptcy and repayment options. Call us today for a free consultation.