Credit card debts
You can’t live with it, and you can’t live without it. This debt is a common reason someone might need legal help with their debts. Credit cards are typically high-interest debt. They are an easy-to-use, easy-to-pay financial product. At first, the minimum payments are affordable. But once someone becomes accustomed to using them, paying them off can be nearly impossible. In addition, using credit cards can be addicting.
You can purchase what you want when you want it. At first, the cost is small…until suddenly, an introductory rate expires, and your minimum payment explodes. If you can’t meet the minimum payment or can only pay the minimum payment, the result can be dire. Not meeting the minimum payment can lead to legal actions by creditors, affecting your credit card score and potentially resulting in wage garnishment or asset seizure, significantly impacting your financial stability.
The Convenience of Credit Cards and Their Hidden Costs
Credit cards are more than just a financial tool. They are a convenience that can make your life easier. With a credit card on file, you can avoid the stress of having your power, phone, water, or other utilities turned off. You don’t have to wait until payday to buy groceries or pay for a necessary unexpected expense. Their convenience is undeniable, and we understand how they can become a part of your daily life. However, it’s important to remember that this ease of use can come with a high price.
Understanding the legal limitations when it comes to debt solutions is crucial. For instance, you can’t ‘max out’ your credit card debts and then file for bankruptcy. Attempting this could be considered fraudulent. Similarly, you can only settle debts after you have incurred them. Being aware of these legal boundaries empowers you when considering your options for managing credit card debts.
Although most credit cards are unsecured debts, sometimes what looks like a credit card isn’t that at all. For example, a retail card may look like a credit card . But these accounts may be an installment contract, not a credit card. So, yes, while you might have a card with a retail store, your purchases could be collateral for this debt. The debt is probably an installment contract when you buy high-ticket items such as electronics, furniture, or major appliances with a store account. It is critical to understand this distinction because if you don’t repay this debt, the creditor can repossess the merchandise they sold you. Examples of installment contract accounts include:
- Home Depot and Lowes.
- Best Buy.
- Floor & Decor.
- Kay and Zales Jewelry.
- RC Willey
Credit cards have a high interest rate, often more than 20%. That’s more than four times the cost of other financing, such as a car loan or home mortgage. Many years ago, charging interest over 12% was illegal. Loan sharks, drug dealers, and mobsters charged 20% interest. This high rate of interest was considered unsustainable.
Our perceptions have changed, and a credit card with interest at 29% is considered “normal.” However, reality has stayed the same. For many people, carrying a balance on a credit card debts of 20% or more is an almost guaranteed path to financial ruin.
You wouldn’t be on the Las Vegas Debt Settlement website if you had a system working to manage your debts. Once you have gotten into debt with credit card , your choices to escape from it are limited. Some options you have include:
Cut your expenses to the bone. Reduce your housing costs by moving in with family or friends, giving up your vehicle, or driving an older model vehicle. Cut out luxuries such as eating out, purchasing clothing, contributing to a retirement account, and getting personal care services such as visiting the barber, hairdresser, or manicurist.
Could you pay off your debts if your interest rate were lowered? That’s often a false assumption. Time to face reality. An easy way to do that is to objectively analyze your income and expenses. Not what YOU believe you could pay, but what the actual numbers say you can pay! People lie, especially to themselves, but numbers don’t lie. At Las Vegas Debt Settlement, we have access to professional software you can use to face reality and your fears, even if you don’t really want to face the truth. This process can be empowering, putting you in control of your financial future.
Call us at (702) 551-3256 to request a link to access this valuable tool for free.
- Are creditors suing you?
- Have you been unable to make the minimum payments on your credit card debt?
- Are you vulnerable if a Court enters a judgment allowing a credit card company to garnish your wages or seize other assets?
When a Court issues a judgment, it is often an emergency. But remember, you’re not alone. Seeking professional help can provide the relief and reassurance you need to navigate this challenging time.
Exploring Debt Relief Options
Could you save up 50% of the balance you owe on your largest or most pressing debt over the next 6 months? Are you willing to let your credit score take a deep dip to eliminate this debt? Our debt settlement program, which involves negotiating with your creditors to reduce the total amount you owe, might be an option for you. Would you be willing to pay off your debt over 5 years by making an affordable monthly payment of at least $200/month? If so, a Chapter 13 bankruptcy program might be the right choice.
Do you have less than $150/month to allocate towards paying your debts? Are you tired and need a fresh start? Do you want a second chance to begin rebuilding your credit without having debt worries keeping you awake? You may want an objective explanation about Chapter 7 bankruptcy.
At Las Vegas Debt Settlement, the choice is yours. What are you willing to do to eliminate your debt? Change your lifestyle? Suffer some minor embarrassment? There is nothing wrong with putting down some numbers and asking Attorney Dorothy questions in the confidential comfort of her conference room.
Request a same-day call back from our team at (702) 551-3256 or schedule a comprehensive consultation with Dorothy Bunce, our attorney. The initial consultation is always free and includes:
- A detailed review of your financial situation.
- Advice on potential legal action
Could you save up 50% of the balance you owe on your largest or most pressing debt over the next 6 months? Are you willing to let your credit card debt score take a deep dip to eliminate this debt? Our debt settlement program, which involves negotiating with your creditors to reduce the total amount you owe, might be an option for you. Would you be willing to pay off your debt over 5 years by making an affordable monthly payment of at least $200/month? If so, a Chapter 13 bankruptcy program might be the right choice.
Do you have less than $150/month to allocate towards paying your debts? Are you tired and need a fresh start? Do you want a second chance to begin rebuilding your credit without having debt worries keeping you awake? You may want an objective explanation about Chapter 7 bankruptcy. As Las Vegas Debt Settlement, the choice is yours. What are you willing to do to eliminate your debt? Change your lifestyle? Suffer some minor embarrassment? There is nothing wrong with putting down some numbers and asking Attorney Dorothy questions in the confidential comfort of her conference room.
Request a same-day call back from our team at (702) 551-3256 or schedule a comprehensive consultation with Dorothy Bunce, our attorney. The initial consultation is always free and includes:
A detailed review of your financial situation.
Advice on potential legal actions.
A personalized plan to help you manage your credit card debts Las Vegas.
Remember, financial stability is not just a dream. With the right plan and professional guidance, it’s a realistic goal that you can achieve.
Request a same-day call back from our team at (702) 551-3256 or schedule a comprehensive consultation with Dorothy Bunce, our attorney. The initial consultation is always free.
