Rancho Cucamonga Credit Card Debt Lawyer
Over the past decade, average credit card balances have shot up quickly. With runaway inflation increasing the cost of food and other essentials, many Rancho Cucamonga residents are turning to credit cards to pay for essentials. Some are even taking high-interest balance transfers to cover the costs of rent. At some point, it becomes impossible to continue juggling your debt obligations. You have no more money left to give.
This is where a Rancho Cucamonga credit card debt lawyer is a big help. Wadhwani & Shanfeld is an established law firm helping consumers tackle debt. We can offer advice about how to manage your credit card debt and identify the best option for digging out so you can breathe easy again.
Options for High Credit Card Debt
Debt should not cause people to lose sleep at night. The good news is that consumers have options for reducing their debt and avoiding default:
- Hardship plan. Creditors realize that many of their debtors face financial difficulties. One option is to call them up and ask for help. A credit card company might be willing to suspend monthly payments for a few months to provide breathing room, or they might lower your interest rate. Other companies might convert your debt to an installment agreement, spreading it out evenly across three or five years. These options can help you get on top of debt.
- Debt settlement. This is a different strategy. Often, a borrower stops making payment and then negotiates a lump sum payoff of the remaining debt. The goal is to get a creditor to agree to less than 100% of the face value of the debt. Debt settlement requires careful negotiation because creditors do not have to accept your offer.
- Bankruptcy. Filing for bankruptcy is a big choice. But no other option can wipe out so much debt so quickly. Chapter 7 is a short, relatively easy bankruptcy to complete, taking fewer than six months. At the end, your unsecured debt is eliminated, including credit card debt. However, a bankruptcy will stay on your credit report for years, making it hard to obtain new financing.
- Litigation. You might get sued for failing to pay back your debt. For example, many collection agencies purchase debt and then sue borrowers. But the debt might be too old, or the collection agency lacks paperwork to show how much you owe. A borrower should defend themselves in a lawsuit by raising these points.
Consumers are often confused about which option to take. There are pluses and minuses to each. Don’t choose any option until you consult an experienced debt relief attorney.
Speak with a Lawyer Today
Wadhwani & Shanfeld has helped thousands of consumers manage their credit card debt. The longer you delay confronting reality, the more painful the day of reckoning will be. It is possible to be proactive and address your credit card debt. Contact us today to speak with a Rancho Cucamonga credit card debt lawyer about your situation.
