Getting into debt with your credit cards is simple. Lately it seems that there’s always a new pre-approved offer showing up in the mail, either from a major bank, card company like Discover, or from stores who want you to spend, spend, spend. It can make you feel like you’re pretty much a fiscally responsible person. After all, they wouldn’t be sending these cards to you if you weren’t, right? So, off you go, and when the paycheck doesn’t quite cover things, you put little things like gas and groceries on the cards, too. Before you know it, you’re running four and five figure balances on every piece of plastic you own and that check’s going mostly on servicing that debt.
You’re not alone. The average credit card debt per American household is $16,140, with total credit card debt for the nation at $918.5 billion dollars.
However, there are ways to get out from under without filing for a personal bankruptcy. It takes time and a lot of changes to your lifestyle, but you can do it. These figures can be interpreted as an increase in consumer spending against the 2012 figure of $849.8 billion, which can be good as increased spending can equal more jobs. Taken another way, Americans are not getting the fiscal education they need to stay out of five figures of high interest, unsecured debt.
Any and all of these steps should be combined with credit counseling, and a change in lifestyle so that this doesn’t turn into a cycle of debt. Bankruptcy is an extreme step, and one that should only be undertaken if there are no real alternatives for repayment.
At Van Horn Law group, we really hope these steps work for you.
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