CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Managing Credit Card Debt: What Can Help You Get Things under Control

Help Managing Credit Card Debt Tampa, St Petersburg, and Pasco Florida.If you feel as if you are drowning in credit card debt and you aren’t sure where to find relief, you aren’t alone. Credit card debt is one of the primary reasons people consider bankruptcy. The average American has between $15,000 and $20,000 worth of credit card debt and that number appears to be rising.

From a time when credit cards were used rarely and only for emergencies to today when people use them to maintain a lifestyle they couldn’t otherwise afford, credit cards have become a blessing and a curse, and for many, their financial downfall.

If you’re uncomfortable with your credit card debt or you’re already facing problems and you’re unable to afford your credit card payments – or worse, you’re being hounded by debt collectors – it might be time to take drastic action.

How Do You Get Mounting Credit Card Debt under Control?

There are several things you can do to get a grip on your credit card debt and hopefully avoid bankruptcy.

The first and most important step? Stop adding to your debt.

This might be the most difficult thing for you to do, but it’s absolutely necessary. You’ll never get your debt under control if it keeps growing larger and larger.

There are several things you can do to put an end to mounting debt.

Obviously, you’ll need to stop using your credit cards, which likely means reducing your expenses. Living within your means is an essential part of managing credit card debt. Doing so might require some serious soul-searching and life-changing measures, but you’ll need to end credit card use altogether.

Next, you should contact your credit card companies and see what they can do to help.

Chances are you’re paying a lot of money in interest, so reducing the interest rate can help you immediately and in the long run. Most credit card companies will consider negotiating a lower rate with you because they don’t want you to default. And if you’re forced to file for bankruptcy they likely won’t get any of the money they are owed, so most are willing to work with you to make payments possible.

To learn more about credit card interest, check out this information from Discover.com.

Another option you have is to transfer balances you have on high-interest cards to ones with lower interest rates. This doesn’t work for everyone, but it’s worth investigating to see if it might be beneficial for you.

You might also want to speak to your credit card companies about working out a payment plan. This can help with or without a reduction in the interest rate. Some credit card companies offer deferment of payments for a short period of time, while others will allow you to have a lower minimum payment. You might be paying on the debt for a longer period of time, but you won’t be at risk for defaulting in the immediate future.

Filing for Bankruptcy in Florida

If after exploring your options and finding that your changes did very little to help your financial situation, bankruptcy might be the best choice for you.

It can be especially beneficial for those with significant credit card debt that are also growing concerned about their homes or other assets. Bankruptcy can help you manage all aspects of your debt and in many cases, will prevent drastic measures from occurring.

If you’d like to know more about what you can do to better manage credit card debt or you have questions about bankruptcy, contact the Bankruptcy Law Office of Robert M. Geller at (813) 254-5696 to schedule a consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Should Seniors File Bankruptcy? Here’s 3 Things You Need to Know

Should seniors file for bankruptcy? Maybe. It all depends on their specific financial circumstances. Bankruptcy can be a great solution...
Read More

What Happens If My Spouse Dies During Bankruptcy?

Seniors declaring bankruptcy have many concerns. One of the most pressing is how their health or their spouse’s health might...
Read More

Can I File for Bankruptcy Without a Job?

Bankruptcy is often considered a tool used by people without money, without income, and without any financial hope. The truth...
Read More

Should I Use Retirement Savings to Avoid Bankruptcy? A Tampa Bankruptcy Lawyer Can Help You Protect Your Retirement Nest Egg

Withdrawing money from your retirement savings is rarely advised by financial experts, even if you are facing bankruptcy. Working with...
Read More

Can You File for Bankruptcy and Keep Your Home

Foreclosure is something that occurs after a homeowner has missed multiple mortgage payments. Working with a Florida bankruptcy attorney helps...
Read More

Is There Such a Thing as Mortgage Bankruptcy?

Your home is one of your primary concerns when filing for bankruptcy. Can you claim bankruptcy and keep your home?...
Read More

What Do You Need to Know about a Home Auction in Bankruptcy?

Home auctions are a common topic that arises when someone is faced with the prospect of bankruptcy. Bankruptcy protection for...
Read More

Can a Florida Bankruptcy Attorney Help Me Avoid Eviction

Losing one’s home is one of the most common concerns you can have when filing for bankruptcy. A Florida bankruptcy...
Read More

Covid-19 Tax Tips

The COVID-19 pandemic has affected a variety of things including taxes. These COVID tax tips can help you prepare and...
Read More

How Can a Bankruptcy Attorney in Tampa Florida Help Me If I Fall Behind on My Mortgage After Filing for Bankruptcy?

Many people find that filing for bankruptcy provides all of the financial relief they need to get back on track....
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions