bankruptcy lawyers san diego

How to Get Rid of Debt

In these days, it’s hard, nearly impossible in fact, to avoid going into debt. Debt is not always a bad thing, but it can become bad very quickly if you do not make the payments you’re supposed to.

Once you start putting things on credit, it can be easy to lose track of what you owe and end up owing way more each month than you can afford. This is the situation that I found myself in a few years ago, but thankfully I have found my way out, and now in here to help you find your way out too.

Stop Using Credit

Not forever, but at least until you get your debt paid off, don’t buy anything new with credit. This will only add to what you owe and you’ll end up in a deeper hole. Instead, only buy things with money that you have, either using debit or cash. I personally don’t like carrying cash on me, but some people prefer it because it is easy to keep track of how much money you have left. Whereas, depending on your bank, if you spend too much and overdraft your account you can end up paying lots of fees.

Prioritize Your Payments

While it is important that you pay off all of your debt, some months you may have to pick and choose what you are going to pay. I recommend paying off all of your debts with high interest rates. As you know, interest adds up quick, so paying off debts with high interest will keep you from spending more in the long run, so pay these off as soon as you can. If you already have good credit, you may be able to ask your bank to lower your interest rates, but if you’ve been in debt for a while this probably isn’t an option.

Consider Other Income Sources

If your debt isn’t too huge, getting a side job and paying more than the minimum payment will get you out of debt even faster. This isn’t always an option for people, but if you can juggle a part time job, it is worth considering. In my case, I already had 2 jobs and a baby at home and it was totally infeasible to pick up a third job, which brings me to my next point.

Consider Filing for Bankruptcy

No one wants to do it, but sometimes it is a necessary pain. If you are buried under a mountain of debt, can’t make your monthly payments, and have no way of getting out of debt, bankruptcy is something for you to consider. Depending on what kind of bankruptcy you file for, you may be cleared of your debt immediately, or you may be put on a payment plan to repay some of it. It would be nice if you could just wipe your debt away, but setting up a payment plan is actually a better option because you will not have to sell your property. To find out which bankruptcy you qualify for, set up a free, no-obligation consultation today with BLC Law Center, which has the top bankruptcy lawyers San Diego has.

BLC is who I went through for my bankruptcy and they were an enormous help. They were able to take the immense financial burden off my shoulders and seemed genuinely happy to do so. They have filed thousands of bankruptcies and are some of the most professional people I have ever worked with. They come highly recommended and rightfully so. For more info, visit https://www.blclawcenter.com