Are you liable when someone steals your card?
Credit cards can be extremely useful in certain situations. For example, they can save the day when you have unexpected expenses, or you are awaiting a late paycheck. However, it is important to ensure that you will have enough to pay them off when the end of the month rolls around or you could end up racking up substantial interest. Unfortunately, this is something that catches out more people in Florida every year.
Sometimes it is something completely beyond your control that leads to financial disaster. For example, that paycheck might not come for one reason or another. Or a sudden bereavement or accident could leave you drastically out of money with no choice but to use your credit card to cover the costs. Sadly, the end result is largely the same. All of a sudden you are faced with overwhelming debt that simply continues to grow as the interest piles on.
You could even suffer as a result of your card being stolen, especially if you do not immediately notice that it is gone. As this article on credit card fraud explains, failing to report a stolen card within 60 days could leave you liable for the entirety of the amount spent.
Whatever the reason for your debt, it is important not to lose hope. It may seem like there is no way to pay down the amount you owe, but there are more options available than you might think. You could even find that bankruptcy is the most sensible option, depending on the amount your debts have piled up.
Every case is different, so you might benefit from the guidance of an lawyer as you explore your options. He or she can advise you about the different forms of debt relief and may be able to support you through the legal processes involved in the option you choose.