When it comes to having more debt than one is able to pay off comfortably, the problem can have far-reaching consequences. Luckily for Florida residents, it is a problem that also has a number of solutions. The varying ways to consolidate debt can help Florida residents get out of debt quicker and possibly protect their credit also.
One way to conquer debt is through credit card consolidation. A low-interest card may give debt carriers a way to cut down on overall interest payments, compared to keeping it all on one card. Be sure to check transfer fees and double check the exact amount of savings. Another popular option is a personal loan. This can give a consumer immediate money to pay off a number of debts and possibly achieve a more manageable repayment schedule.
Other options for debt repayment include borrowing from a retirement account. While this can immediately free funds, there may be penalties for withdrawing funds early. A personal loan with a low-interest rate from a family member is another option, but it has the potential for negative impact on family relations if there are no legal papers to outline the loan terms.
A bankruptcy attorney can be a valuable resource for those who have a significant amount of debt and need some assistance to help get it under control. Any kind of measure to consolidate debt should be thoroughly weighed and examined before final measures are taken. There may be bankruptcy options that could help struggling Florida residents pay off debt and retain assets they do not want to lose.
Source: marketwatch.com, What’s the best way to consolidate debt?, Gerri Detweiler, Feb. 17, 2014