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Charging Ahead To Conquer Credit Card Debt

Do you remember the first time you received a credit card in the mail? You may have put it somewhere for safe keeping to use for an emergency, or you may have grabbed your car keys and headed for the mall or the electronics store. The feeling of freedom you had with those first purchases may be far from the feeling of entrapment that follows you now because of your overwhelming credit card debt.

Even if you have resolved not to add more charges to your account (or your cards are maxed out), you may still wonder if you will ever pay down the balance, especially if you can only make the minimum payment or you have multiple cards. However, there are ways to deal with credit card debt.

Where can you cut back?

Facing your credit card debt is the first step to dealing with it. Credit counselors recommend taking an honest look at the way you spend your money and listing your monthly bills and debts along with any other expenditures. This will give you an idea of where your money goes, and it may surprise you how much you really have.

For example, if you can discipline yourself for a period of time to take your lunch to work instead of eating out, you may find you have saved enough money at the end of the month to chip away at those credit card balances. You may also find some expenses you can cut completely, such as an unused gym membership, magazine subscription or frivolous entertainment expenditure. By adding to your debt the money you would have spent on these items, you may be amazed at how quickly your debt diminishes.

Maxed out

But what if you have already pared your budget down to the bare minimum. Perhaps you have no frivolous expenses to cut, and the thought of not eating out or having a gym membership is absurd. Maybe you have used your credit cards to pay medical bills or other large expenses, and your income is no longer sufficient to meet your obligations despite your simple lifestyle.

In such cases, you may consider filing for bankruptcy. You may qualify for a type of bankruptcy that will reorganize your debts or eliminate them altogether. However, the world of bankruptcy is complex, and you will certainly have a better advantage if you seek legal assistance.

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PROFESSIONAL ASSOCIATIONS

  • 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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EAST ORANGE
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East Orange, NJ 07017
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