With the latest Omicron surges, you may be placed in a difficult financial situation. Prices are increasing and temporary job losses are influencing consumers. Maybe you have been relying on credit cards to help you meet your basic needs. However, this could be doing more damage to you financially if you are unable to make payments. So, whether you are unemployed, out sick, or just experiencing increasing debt, you have options! Here’s what you need to know:
What Can You Do?
First, do not let the changes in pricing scare you. You have no control over how goods are priced, but you can monitor your spending and how you manage your debt.
During difficult times, inflation can lead to increased interest rates. Doing nothing will only increase your debt through interest and penalties. If possible, you should make paying your credit cards a priority.
Unable to make payments?
First, you can try negotiating down your debt with the creditor. Remember, this will take time and patience on your part. Many creditors will work with you to come up with a better repayment plan. Or, take a lump sum payoff. If you decide to hire a professional to help you with this process, please do your research. Keep in mind that some creditors will not work with debt consolidation companies. Another thing to consider is that there are tax ramifications of settling your debts. Whatever debt your creditors do forgive can actually be considered taxable income to you. So, if you’re struggling to pay your taxes now, settling with your creditors might make that problem worse.
Speak with a qualified bankruptcy attorney
Most attorneys offer free consultations and are able to provide you with free advice on how to tackle your debt. Bankruptcy is a viable option to reduce or eliminate your debt entirely! Most attorneys offer free consultations and will provide you with other options to get your debt under control. This will give you more information and more options for tackling your debt.
Need More Information?
At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like to get to know you and we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.