Research indicates that one out of every three Americans has saved for retirement, and approximately 62 percent have less than $1,000 in savings. The primary reason that most people here in Florida and elsewhere are unable to save money is due to their debts. Many people who are struggling to make ends meet also wait too long to find a debt relief option that will turn their finances around.
Part of the issue is that many Florida residents do not adequately understand when their financial situations have become dire. Furthermore, they might not be award of the options available to them. Simply put, if a person is living paycheck to paycheck, he or she is probably having financial issues.
By the time late payments are made, or payments are missed entirely, the situation has most likely caused a significant amount of distress. By this time, an individual could be dreading answering the phone because he or she knows that it is a creditor looking for payment. People in this situation have either never contributed to or have stopped paying into retirement accounts and might not even have a budget to help get finances under control.
Many sources recommend seeing a credit counselor at this point, but many of them leave bankruptcy off the table as a debt relief option. A better course of action might be to make an appointment for a consultation with a bankruptcy attorney who can outline the options and make recommendations regarding where to turn next. A successful bankruptcy can give an individual a clean financial slate upon which to start fresh and look forward to a brighter financial future.
Source: wisebread.com, “5 Signs It’s Time to See a Credit Counselor“, Damian Davila, Sept. 16, 2016