The holiday season is here. For some Michigan residents, this means added financial stress. Numerous individuals go further into debt around the holidays by charging gifts and hoping to pay off their credit card bills eventually. Unfortunately, some find that extremely difficult to do, thanks to their already tight economic situations. A bankruptcy law attorney may be able to help such individuals achieve the debt relief they desire.
According to a recent report, roughly 28 percent of consumers have still not paid off their credit card balances from holiday spending in 2017. Yet, it is expected that the average credit card holder is going to spend nearly $800 on gifts this year, regardless of their financial situations. With high interest rates, continuing to add to credit card debt will only make paying it off more difficult in the long run.
It is easy for credit card debt to get out of control. Some people do not pay attention to how much they charge to their cards and fail to set a budget. Some people rely on their cards to make ends meet. Then there are those individuals who have unexpected expenses and have no other way to cover them. It all can add up and add up quickly.
Michigan residents who find themselves struggling with overwhelming credit card debt can do something about it. Bankruptcy law may benefit some individuals, while other debt relief options may work for other individuals. A bankruptcy law attorney can review the details of one’s financial situation and help one create a plan to attack one’s debt.