According to Bankrate.com, the average credit card debt per family in Louisiana is almost $5,000. Did you know that if you only make the minimum payment each month, it would take nine years to pay this off? And that is if you do not incur any other debt during this time. Another poll found that credit card debt is the number one taboo subject, above discussions about salary, politics and your love life. Most people are trying to cope with debt, but no one wants to talk about it.
Shame will not get you out of debt
You can feel ashamed of your credit card debt, but it is not going to move you past the debt. You must change your thinking. First, recognize you are not alone. The average credit card debt in the United States is more than $6,300 per household. Second, you should also recognize that you do not have the tools to stay out of debt. Most families do not talk about money, which means you may grow up without the skills to manage your income.
Still, you cannot continue on a path of going deeper into debt. In order to get past the shame, you have to acknowledge that you need help. Sometimes, the simple of sharing your problems will help you get past the self-loathing you feel. You should then work on debt relief. You may need to look at a bankruptcy to help you get out from underneath unpayable debt.
However, you should know that a bankruptcy does not automatically solve all your problems. Most government loans are not discharged in a bankruptcy. You may need another form of debt relief. No matter how you deal with your debt, you have to make changes in your lifestyle to keep from ending up back in the same position.
Take ownership of your debt
Debt might carry a stigma, but when you admit you are in over your head, you can deal with it and find solutions. You do not have to feel ashamed of your debt if you are working to get to a better place in your financial situation.
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.