Quite a few Michigan residents have some level of credit card debt. It happens. In fact, it is believed that most Americans carry at least a few thousand dollars in credit card debt. What options are available to such individuals? Is turning to a bankruptcy law attorney for help always necessary?

According to a recent report in Forbes, there are a number of options available to those who have credit card debt that they are struggling to pay down — the first mentioned being balance transfers. For those who just need a little more time to pay their debts down, a balance transfer may be the answer. However, one must be aware of the fees and interest rates that accompany such offers. Sometimes, it is not worth it.

The next option offered was a personal loan. Most people are able to take out a personal loan with a lower interest rate than what their credit card company offers them. Here, it is important to be careful and consider the fees, interests rates and payment options. If one cannot afford the payment, it is only going to do more damage rather than prove helpful.

Finally, the last option offered was rate negotiations. Some credit card companies are willing to lower rates if asked. This keeps the debt with them, meaning they will continue to make money off the unpaid balance.

Any of these options will work for people who are not totally drowning in debt. They are short-term solutions that offer relief while one gets his or her budget in order. For those who need a long-term cure, this is where a bankruptcy law attorney enters the picture. When debt is simply too much to handle alone, Michigan residents may benefit from bankruptcy filings. Legal counsel can review the finer details of one’s financial situation and then help pursue the debt relief option that makes the most sense.

Source: Forbes, “3 Strategies To Deal With Credit Card Debt In A Rising Rate Environment“, Nick Clements, Dec. 4, 2017