It's no secret that many Louisiana residents struggle with credit card debt. In fact, according to a new report by Business Insider, Ruston, Louisiana, comes in second in the nation for cities with the worst credit card debt among residents. Hammond, Louisiana, is seventh on the list.
If you are one of the many people struggling with credit card debt in the state, then you are probably reading this because you are looking for a way out.
There is plenty of advice out there about getting out of credit card debt. However, in some cases, bankruptcy is not only the easiest option but the only option.
Before we get into the bankruptcy option, here are a few other ideas that can help you tackle credit card bills and pull yourself out of debt from Forbes.com:
- Start leaving your credit card at home. The purpose of leaving your credit card at home is that you won't be able to keep making charges if it is not with you. In other words, cutting back on spending will help you manage debt going forward.
- Don't open any more credit cards. When one card is maxed out it may be tempting to open up another card; however, that this is a bad idea. It's rarely, if ever, a good idea to pay off credit card debt with another credit card because this just becomes a debt cycle that is even more difficult to get out from under.
- Avoid making payments you cannot afford. Making higher payments does more harm than good if you end up run out of money by the end of the month and have to resort to the credit card again for your expenses. It's a better idea to keep making manageable payments and use the card as little as possible.
When bankruptcy is the best option
If the steps above sound too difficult or even laughable, then bankruptcy might be your only option. Bankruptcy is a good idea when creditors are calling or you are at risk of losing your car or home.
Bankruptcy not only stops creditors from contacting you but can also prevent your car from being repossessed and can even prevent your home from being foreclosed.
There are two kinds of bankruptcy available to consumers: Chapter 13 and Chapter 7. Chapter 13 involves creating a repayment plan in order to pay back your creditors over a three or five-year period of time. Chapter 7 involves wiping your debts completely clean.
At McBride Law Firm we advise people just like you on whether bankruptcy is the right choice. We take walk-in appointments and consultations are always free. We genuinely care about your future and want you to know that there is hope.
Disclaimer - Attorney Advertising. Under Federal Law, we have been designated a Debt Relief Agency and we help people file for bankruptcy relief under the Bankruptcy Code. This information is not intended as legal advice and no attorney-client relationship is created. Results may vary. Results not guaranteed. Dramatization - not actual clients in pictures and videos. Thomas C. McBride, attorney in Alexandria, LA.