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Waco Bankruptcy Law Blog

These 4 tips can help get you out of debt

You never intended to get into financial trouble, but over time you've found yourself struggling. You spend a little on credit cards, work less and struggle to pay your bills.

There are a few changes you can make to your spending habits to help you get back on track financially. Here are four different things to try.

What are some benefits and downsides to bankruptcy?

Bankruptcy isn't something you ever saw yourself needing, but unexpected financial losses have made it difficult to resolve your situation on your own. You're tired of struggling to make ends meet, and you want to protect your property and prevent foreclosure.

People in your position have many different options. Bankruptcy is just one that your attorney can talk to you about. There are, of course, benefits and downsides to choosing bankruptcy.

Credit card debts to top $1 trillion in America

If you're carrying credit card debt, you're not alone. Millions of Americans have debt, and credit card debt is just one kind. With the average household having thousands in debt, it's no surprise that the spending habits of Americans has caused the national credit card debt amount to grow significantly.

Credit card debt is a major problem in America. In fact, a June 8 report indicates that it has now gotten close to a trillion dollars. Student loan debt topped $1 trillion several years ago, but now, in 2017, credit card debt is close to that same mark.

3 ways to get medical debt under control

Medical bills are often high, and if you're caught without insurance, they could be so expensive that you don't see an end in sight. Fortunately, there are ways that you can work through your medical debts, so you can get out of debt and get back to your normal life.

There is no reason to allow a medical debt to ruin your financial future. Medical bills may seem extreme, but there are a few tips and tricks you can use to lower them and get out of debt fast.

Is choosing bankruptcy a bad idea?

While you may feel it's admitting defeat to enter into bankruptcy, the truth is that it's a real possibility for getting out of debt and starting over. Choosing bankruptcy doesn't mean you've failed. It means you're strong enough to admit that you need help and want to take steps to change your finances.

Bankruptcy has its positives and negatives. For example, if the majority of your debt is from school loans or tax debts, you may be unable to discharge those and a bankruptcy may not be as helpful as it would be if you had unsecured debts. If you declare bankruptcy, you will also lose all your credit cards, and your credit score will suffer.

With the right choices, you can pay off your debts faster

You have credit card debt much like many Americans. You know you want to pay it off, but you don't want to pay more than you have to. Do you have options? What kinds of mistakes should you avoid making?

With an average household carrying $9,600 in credit card debt in America, it's important to avoid going further into debt. If you do need to have a credit card, don't make the mistake of accepting one with a high interest rate. There is an extreme amount of competition in the credit card industry, so you may be able to get a card without annual fees and that offers you 0 percent interest for a period of time. If you have debt you need to pay off and it's on a high-interest card, try choosing an interest-free transfer card for the transfer. Then, pay off the card before the interest-free period wears off.

Scams take advantage of students with high loans

Debt comes in many forms, but some of the heaviest debts in the nation are from school loans. Student loans are often high, some growing into the hundreds of thousands of dollars. Students struggling to pay them back may jump at the idea of loan forgiveness, but there are dangerous scams out there that could lead to more financial trouble.

Maybe you received a phone call stating that you qualified for a student loan forgiveness program or received a letter that looked like it was from the government in the mail. Whatever you received, it's a good idea to run a check on the person who sent it. The Better Business Bureau (BBB) has warned that there are many scams that could take advantage of you.

Chapter 7 bankruptcy can help you start over

The last thing you ever thought you'd be doing is looking into bankruptcy, but that's where you are today. You know that there are a few options, but Chapter 7, liquidation bankruptcy, seems best for you.

Are there really benefits to Chapter 7 bankruptcy? It ruins your credit and makes it much harder to get loans and credit. Is it worth doing?

Should you choose Chapter 7 or Chapter 13 bankruptcy?

You have found yourself in a financial bind, and you can't see how it's going to get better. You made some bad decisions, and now your hours have been cut back at work, too. You were already living paycheck to paycheck, and you can't justify cutting back in any area of your life. You already coupon for lower grocery costs, share rides with coworkers and live in a cheap rental.

What are your options? Should you pursue a Chapter 7 bankruptcy, or does a Chapter 13 bankruptcy make more sense?

Know your debts: The good and bad of credit cards

There are many different reasons that you can fall into credit card debt. Maybe you needed to finance your schooling, or you decided to put the purchase of a vehicle on a credit card. Maybe you opted to use credit to furnish your home or to buy groceries when you were short on your paycheck.

Regardless of the reason, if credit card payments are piling up and you're struggling with the debt, it's a good idea to start looking into ways out. Here are a few tips for keeping your credit debts low and getting out of debt sooner.

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