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Will making minimum debt payments keep you above water?

If you make timely minimum payments on your credit card bills each month, are you in good financial shape?

As a law firm that focuses on debt management strategies and bankruptcy law, we have seen far too many clients get into trouble by carrying large credit card balances. Ideally, a financial strategy will include long-term planning, incorporating goals of accumulating equity, putting away for retirement, and having some liquid reserves on hand in the event of a financial emergency. 

Fortunately, awareness is increasing on smart borrowing strategies, and many lenders have heeded the request of federal regulators to avoid using payoff formulas that allow a credit card customer to get only deeper into debt. Our attorneys might go a step further, encouraging consumers to request a payoff statement for their debt. 

Notably, our approach to bankruptcy counseling doesn’t assume that a filing will be right for everyone. Rather, we articulate goals and strategies for achieving them. For example, common objectives may include reducing monthly debt payments and putting funds away for children’s educational needs. The strategy may vary depending on the type of debt.

In the case of struggling parents, we might recommend creating a stable financial home environment before putting money away for college. With an attorney’s help, debt negotiation and consolidation might also be more successful. Of course, any proposed actions might also be compared against the context of bankruptcy law. Sometimes the best way to halt aggressive creditor actions is with the automatic stay of a Chapter 7 or Chapter 13. 

Related article: “Minimum Payments Don't Cut Debt,” copyright 2016, Goldman & Beslow, LLC

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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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7 Glenwood Avenue,
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East Orange, NJ 07017
East Orange Law Office

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