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3 Helpful Tips for Managing Debt

managing debt
  • Blog
  • Jill
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  • April 23, 2020

3 Helpful Tips for Managing Debt

Are you struggling with managing debt? Debt can sneak up on you. The culprit of sneaky debt is often a credit card, or maybe missed payments. When you think of your credit card(s) alongside other debts like personal or student loans, car payments, or a mortgage, the numbers can be downright overwhelming. There are several ways to get ahead of debt and put yourself into a better financial situation and manage debt.

Establish a Debt Management Program for You

A debt management program will typically allow you to consolidate debt. Essentially, this means that you will combine all of your debts into one monthly payment with a lower interest rate. Debt consolidation entails transferring all of your unpaid balances to a single account such as a credit card or personal loan. This can, in turn, save you lots of money in the long run. Debt consolidation also allows more access to credit while you pay off your debts. This can help to greatly improve your credit score too.

Deal with Creditors Directly for Managing Debt

Another way you can manage your debt is by negotiating with your creditors directly. This is especially viable if you have missed a minimal number of payments on your remaining balances. Since most creditors and lenders would prefer to keep their cardholders and borrowers, you will most likely be able to ‘strike a deal’ with them after telling them that you have been struggling with payments. This means that you can possibly get a lower payment and even a lower interest rate. Even if you might be able to make your minimum payments, getting a lowered payment and interest rate can help you to pay off the debt more quickly and comfortably.

Filing For Bankruptcy

If you are drowning in debt, bankruptcy can quickly become your best ally. Bankruptcy will not put your home or retirement at risk. What bankruptcy will do is eliminate different types of debt, such as credit card balances, personal loans, medical bills, and more.

There are two common types of bankruptcy, Chapter 13 and Chapter 7. Chapter 13 bankruptcy will help those of you struggling with a mortgage foreclosure, high automobile loan payments, tax debt, and secondary mortgages. This type of bankruptcy will restructure your debt and give you more time to make payments. Chapter 7 bankruptcy discharges unsecured debts such as credit card debt, medical bills, and automobile loan deficiencies. 

Why Bartifay Law Offices is Your Best Option 

Even if your financial situation feels out of control and insurmountable, you still have options for managing debt.  Bankruptcy can give you time to regroup and make payments or write off certain debts completely. However, filing bankruptcy alone can easily become a headache. It can be hard to know which form of bankruptcy will benefit you the best. You may also seek representation for bankruptcy. 

Bartifay Law Offices does not only offer representation for bankruptcy but will help you through the entire process. With 20-plus years of experience with bankruptcy, we have the experience you need to rid yourself of debt. After determining if Chapter 13 or Chapter 7 bankruptcy is best for you, we will help you throughout the process of filing for bankruptcy. Bartifay Law Offices wants to see you debt-free and will do all we can to help. To set up a consultation, call us at 412-824-4011 today.

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