Jump to Navigation

Take control of your credit card bills quickly

For some people, credit card debt is just a fact of life. As long as you can make the payments, there likely isn't an issue. The problem comes in when you can't make even the minimum payments. In this case, your credit cards will default, and you could face a lawsuit. When it comes to this point, you know that you have to do something.

Sometimes, redirecting money from other areas of your life will enable you to pay off the credit cards. With each credit card you pay off completely, you have the ability to pay more on the next one. This is known as the snowball method.

Still, this requires you to have some money that you can put toward the bills. You may have to take drastic measures like cutting out cable or giving up some of the luxuries you spend money on. This enables you put everything you can toward the debts.

It's possible that you won't be able to swing the payments even if you take these measures. In this case, you might consider bankruptcy. You have to include all the credit accounts you have if you're filing. This should free up some money in your monthly budget so that you can pay your regular bills.

If you opt for bankruptcy, remember that you can't open new credit accounts for the duration of the bankruptcy. Even after the case closes, you'll still need to rebuild your credit before you're able to count on credit for life's necessities or luxuries. You must ensure that you carefully consider this option prior to filing the paperwork.

No Comments

Leave a comment
Comment Information

What's Your Situation:

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Subscribe to This Blog's Feed Visit Our Bankruptcy Website

Our Office Location:

Richard Banks & Associates

393 Broad Street, N.W.
Cleveland, TN 37364-1515
Map & Directions

Phone: (423) 244-0009
Toll Free: (866) 596-8527
Fax: (423) 478-1175

FindLaw Network

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.