Falling behind on payments for medical bills, mortgages, credit cards and other bills is not rare or uncommon anymore, even for those who would never have guessed that they would struggle financially. The recession left many Americans trying to find a way to reduce credit card debt and other sources of debt. However, there are a wide variety of ways to go about erasing and reducing debt in Florida, and an individual’s situation may help dictate which means of debt reduction may be best.
Debt consolidation may be the best bet for couples or individuals plagued by mortgage problems, utility bills, medical bills and credit card debt. A loan that could pay off those individual debts and leave a debtor with one payment rather than multiple payments can ease the strain of debt. If that debt consolidation results in a lower interest rate, that makes it an even more beneficial option.
Bankruptcy is one option that can help those in debt liquidate some of that debt. It also helps people reorganize the debt they have, depending on which type of bankruptcy is pursued and approved through a means test. Payment plans and debt that is discharged are all part of bankruptcy and can help make a stressful situation more manageable.
Not all options for credit card debt reduction and the reduction of other debts make sense for everyone. For some, one choice may be more beneficial than another. Seeking more information and professional guidance can help anyone dealing with debt in Florida as they move forward toward financial independence and security.
Source: kfvs12.com, “Say good riddance to debt”, Andrew Housser, May 27, 2014