Attractions of Credit Cards
Credit cards, when used responsibly, have a number of advantages for many people. Through wise use of credit, you can keep your money in the bank a few weeks longer. Experts sometimes advise people to use credit cards for certain consumer protections that they offer.
Some people use credit cards for household bookkeeping or expense account organizing — such as by using one card just for gasoline or just for prescription medications. Credit cards may seem ideal for making purchases online or by phone. They can also be very useful in emergency situations such as to pay for a sudden car repair or unexpected medical expenses not covered by insurance.
Risks and Hazards of Using Credit Cards
Credit cards are also associated with risks and unwise credit practices for many other people. College students who are given credit cards for the first time in their lives may find them far too tempting to use to pay for pizza, school supplies or bus passes. Before they know it, credit card balances have risen to unmanageable amounts. One late payment can suddenly trigger late fees and dramatic rises in interest rates, and a lowered credit rating. This is most unfortunate for young people who may want to buy cars or homes before long, and will have lost the opportunity to get the best interest rates due to already bad credit.
Are You in Trouble With Credit Card Debt?
The stories and paths leading to out-of-control credit card debt are varied, but the consequences are all too common and familiar to bankruptcy law attorneys. Consumers who perhaps once paid off their credit card bills each month start to pay smaller portions, then minimum payments — and finally, are unable to keep up even with minimum payments. What was worrisome is now at a point of crisis. Overwhelmed debtors turn to our law firm for information on how to find debt relief.
San Antonio Credit Card Debt Attorneys Offer Free Consultations
If you are struggling with overwhelming credit card debt in South Texas, credit card debt attorneys at Davis Law Firm can advise you on advantages and disadvantages of resolutions such as:
- Debt settlement: If you owe large sums of money to just one or two credit card banks, negotiating a debt settlement may be a sensible way to tackle your credit card debt crisis.
- Debt management, credit counseling, debt consolidation: The details vary on these types of schemes, but all are supposedly "alternatives to bankruptcy" that attract people who are afraid of bankruptcy. In the vast majority of cases that we have been aware of, people who have attempted to deal with a debt crisis through these methods inevitably reach the point of filing bankruptcy at a later time — with much time and money lost along the way.
- Chapter 7 or Chapter 13 bankruptcy: The idea of bankruptcy may be much less frightening and disruptive than you imagined. Bankruptcy is a perfectly legal way to resolve unmanageable debt. Through a Chapter 7 bankruptcy, you may see all of your credit card debt discharged. Through a Chapter 13 bankruptcy, you may successfully resolve your credit card debt for pennies on the dollar.
Use our bankruptcy intake form to make an inventory of your credit card and other types of debt. Get answers to your questions and discuss your options with an experienced lawyer with no further obligation by calling or e-mailing Davis Law Firm.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.