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3 Tips For Getting Your Debt Under Control


There is no way around the fact that America is now a nation of debt. In addition to the fact that most American adults are carrying a debt balance on their credit cards, the average student loan balance is higher than ever these days. However, some debt is taken on intentionally and deliberately (i.e. car installment loans), while other types of debt are not and are instead incurred because of emergencies (i.e. medical bills). Even if you planned for debt, you can still find yourself in a position where your debt has resulted in stress and concern for your financial future.

The following three tips may be used to help you to get your debt under control.

  • Buy needs, not wants
  • Set and stick to a strict budget
  • If you don’t make it, don’t spend it

According to a Pew Research study, more than half of Americans actually spend more than they earn each month and use credit to bridge the gap. The tips listed above can help you instead stay within the income you make and hopefully get some debt paid down.

Why Bankruptcy Might be the Solution for Your Debt

For some people, overcoming debt can be achieved by simply regaining control of their finances and thereafter maintaining some of those tasks in order to stay in control in the future. However, many other borrowers are in situations that are not only financially overwhelming but that they also have no reasonable means of escaping from. While all of the above tips are actions that any borrower can undertake to try to make a dent in debt, the reality is that many Americans are already in a position where their financial situation is so severe that it may not be possible to turn things around on their own. This is when bankruptcy may be the best option for overcoming debt and rebuilding a better financial future.

There are many unexpected life events that can cause your financial picture to substantially change such as:

  • Illness or disability
  • Divorce
  • Job loss
  • Military deployment

In certain other circumstances, people simply get in over their heads and find themselves with overwhelming debt because they simply didn’t realize the potential consequences of their actions at the time. Either way, you don’t have to go through the difficult process of figuring out what your next steps should be by yourself. Instead, you can rely on the support of an experienced bankruptcy legal team that offers assistance and not judgment regardless of the circumstances that have led you to this point.

We Can Help You Find the Best Plan for Overcoming Debt

Deciding whether to file for bankruptcy can be a complex process and involve weighing many pros and cons. Having an experienced bankruptcy attorney on your side means you have an advocate to guide you through the process from the very beginning and all the way through your journey toward your successful bankruptcy. As the Plantation bankruptcy attorneys at Nowack & Olson, PLLC, we have a passion for helping our fellow Floridians get protection from creditors and overcome debt by successfully filing for bankruptcy. We highly recommend contacting our experienced bankruptcy lawyers for a free, no-obligations consultation today so that we can begin discussing how we can help you resolve your debt problems.

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