Is making the monthly payment enough?
Many people in Florida use credit cards. They can seem extremely useful when expenses arrive before your wages come in, or to handle unavoidable emergency costs. However, it is all too easy to overspend and find that at the end of the month, you do not have enough to cover the balance. You may pay it off in part, but each month a little more interest will be added and this is often more than the required monthly payment.
The problem with this is that the debt gradually grows, with the interest increasing each time. Before you know it, the amount you owe could be far more than you can feasibly repay. Creditors may begin to chase you and the whole situation can put a significant strain on your health and well-being.
This is not to say that you should never use a credit card. As this article on debt management explains, if you create a budget and pay off the balance each month, you are more likely to avoid financial difficulties. However, this is not always possible and unexpected events can sometimes leave you severely out of pocket.
Fortunately, all is not lost and there are several potential avenues for reducing your debt. One thing to consider is discussing a more manageable repayment plan with your credit card provider. You could also consider filing for bankruptcy. Depending on the form you choose, you may be able to discharge your debts or organize their repayment over several years.
An lawyer could be an invaluable ally at this time as he or she may be able to help you choose the best course of action given your circumstances. With the right guidance, you can wipe the slate clean and work toward a new, debt-free chapter of your life