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Woman clears her $20,000 debt

It is all too easy for debts to mount up. No matter how diligent you are about monitoring your spending habits, some expenses can take you by surprise. Sudden illness or injury can leave you with medical bills to cover. A bereavement might land you with funeral costs and a loss of income in the family. Even a new baby comes with substantial costs. As such, it is hardly surprising that many families in Texas struggle with credit card debt every year.

When money is low, it can be tempting to charge expenses to your credit card. This is often a useful way of deferring your debt for a little longer. However, if these debts are not cleared in a timely fashion, they continue to grow, snowballing until they are unmanageable. A few flippant purchases can get you into significant trouble.

For one woman, this issue reached terrifying proportions and she found herself with credit card debts totaling around $20,000. She knew that something must be done, so she established a debt management plan, negotiating her interest rates down and paying off a fixed sum each month. With hard work and diligence, she eventually paid it off, though she had to make some sacrifices along the way.

Dealing with debt can be extremely difficult, yet as this woman demonstrates, it is never hopeless. Your attorney may be able to help you choose a course of action to help you manage or discharge your debt. He or she may also be able to discuss the possibility of filing for bankruptcy and how this might benefit you.

Source: USA Today, "How to pay off $20,000 in credit card debt," Susan Tompor, Oct. 28, 2014

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