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Don’t give up social media — use a debt repayment plan

On Behalf of | Oct 31, 2018 | Chapter 13 Bankruptcy, Firm News

Debt can weigh heavily on the mind of the typical Florida resident, with worrying thoughts intruding on otherwise peaceful activities. Although most people try their best to pay off their debts, the task often feels insurmountable. With growing balances and shrinking disposable incomes, some people would even give up their most beloved activities to get rid of debt. Luckily, a debt repayment plan through Chapter 13 can provide debt relief without anyone having to take drastic measures.

Over 1,000 American consumers with at least $500 worth of credit card debt participated in a recent survey. About 33 percent said they lost sleep because they were so worried about their credit card balances. Another 25 percent reported that their relationships had been hurt by growing debts. Both of these stressors could be exacerbated by carrying balances from month-to-month with no end in sight, which 77 percent said they did.

Desperate to be rid of their debt, 31 percent of participants said they would forgo all social media for an entire year if it meant their debt was erased. A shocking 8 percent said they would even travel to Antarctica and live there for two years to get rid of their debt. Others said they would donate a kidney or give away a pet for the same results.

Consumer credit card debt recently hit $1 trillion, so it is understandable that so many people are worried about their futures. However, handling overwhelming debt does not have to involve measures as drastic as moving to Antarctica. Instead, Florida consumers can establish a debt repayment plan through Chapter 13 bankruptcy. When the repayment plan is completed and all other factors are met, remaining debt will be discharged, leaving individuals in a better financial position.

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