As most Americans know, the economy is in constant flux, going up and down with more severe rises and falls that come with greater risk. While much of the country has recovered from the 2008 recession, there are signs that people are again building up debt, perhaps at unsustainable levels.
High interest rates on several credit cards could make it difficult to pay any of them off, particularly if you are stuck making the minimum payments on each. Getting out of debt in Florida may seem impossible at that pace, but transferring all the balances to a single card with a 0 percent interest annual percentage rate could be a solution.
If you feel as if you came by your credit card debt through forces in Florida outside your control, you are far from the only one. Nerd Wallet notes that its most recent report on debt in the United States reveals rising costs of living rather than consumerism drives much of the country’s financial issues.
At The Law Offices of George Castrataro, P.A., we are aware that medical debt can be staggering for those in Fort Lauderdale and elsewhere. After an unexpected illness, an accident or a routine medical procedure, you might find yourself facing hundreds or even thousands of dollars in out-of-pocket expenses. If you have healthcare insurance, you are not necessarily shielded from overwhelming medical expenses. You may be forced to pay high deductibles and co-pays, as well as cover the cost of medication and treatments that your plan will not pay for.
Filing for bankruptcy is not a decision that most Fort Lauderdale residents make lightly. Before you apply for Chapter 7 or Chapter 13, you must meet certain criteria. The financial choices you make before and during the bankruptcy process may also affect the outcome, and could even cause your bankruptcy application to be denied. As you might imagine, it is imperative to make the right decisions during the process, as well as to understand how bankruptcy works to avoid making a mistake.
As a requirement for bankruptcy, you may be told you need to undergo credit counseling. How might this service benefit you and other Fort Lauderdale residents? Understanding how credit counseling can help you both now and in the long term may give you some peace of mind.
After experiencing a Chapter 7 or Chapter 13 bankruptcy, you might be on shaky financial ground for several years. Your credit score will have taken a major impact and you may still be trying to find your footing. One of the last things you may want to consider is getting another credit card, since credit card debt might have contributed to your problems in the first place. However, re-establishing good credit is important after a bankruptcy, and responsibly managing a credit card may be one way to achieve this. You and other Fort Lauderdale residents might consider getting a secured credit card at this time.
If you apply for a student loan, the first warning you are likely to receive is that federal student loans are non-dischargeable in a bankruptcy. When you have student debt, you are stuck with it until it is repaid. It is important to carefully consider your need for a student loan and balance it with the likelihood that you will be able to repay it after graduation. However, it is impossible for you and other Fort Lauderdale residents to predict whether you will have financial troubles later in life. You may have obtained an education that landed you a good job, but years later you might have trouble paying your bills.
If you are getting married, you promise to be there for your spouse for better or worse. In many cases, this can include less-than-perfect financial times for Fort Lauderdale residents. While financial challenges are inevitable for almost everyone at some point in life, things might seem more difficult if you enter a marriage with at least one of you having poor credit. At The Law Offices of George Castrataro, P.A., we understand the ways in which the bad credit of one spouse might affect the other.
If you are finding it difficult to make ends meet and impossible to pay all of your bills, you might find it tempting to ignore the ones that are the least important in terms of necessity. This can mean your credit card bills, since you probably do not want to have any utilities shut off. However, what can happen if Fort Lauderdale residents stop paying their credit card bills? Will the debt just disappear?