B. Grant McNutt

When it comes to credit card debt, it’s all too common for individuals to get stuck in a never-ending, increasing debt spiral. An individual may start their credit history with a few fun purchases, but soon they find themselves unable to pay their balance off, which can eventually lead to needing to pay credit card bills with other credit card accounts.

If that cycle is allowed to go for long enough, an individual may find themselves having to file for bankruptcy. If it is caught early enough, however, it is often possible to fix the issue. This is generally done by stopping the use of all credit cards. Movies and TV shows are well-known for showing characters cutting up their credit cards at this point.

While nothing that drastic needs to take place, the truth is that continuing to use a credit card that you can barely afford is detrimental to your recovery. If you currently rely on credit to pay for necessary expenses, you will likely have to analyze your budget and find ways to cut your budget down, or even potentially obtain a 2nd job.

In addition to this, you will need to take a look at all of your accounts to find out which ones are costing you the most, month-by-month. By that, I mean interest rate. Many accounts will lure people in with talk of low interest rates, but in the fine print, the account details will outline that if an individual is ever late or misses a payment even if by one day, the account automatically defaults to a drastically higher interest rate, like 29.99%.

Interest is wasted money, so it is crucial to check on a monthly basis what your interest rates are, so that you can focus on paying off the ones with the highest interest rates first. You will then be able to roll that payment amount into the next account as well, picking up speed as you go. Often referred to as the snowball method of paying off debt!

The road to getting out of debt is long, but with a little planning and guidance, you may find yourself free sooner than you think.

Bond & Botes Helps People Struggling with Debt

We are local and offer a free confidential face to face consultation. We also offer free consultations from the comfort and safety of your own home or office by phone and/or video with an experienced attorney. Let us solve your financial problems. There is no obligation, and that means no downside to gathering the information you need to make good decisions about how to break the cycle of debt stress and move forward. We can answer all your questions regarding Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, stopping lawsuits, discharging medical debt, personal loans, payday loans, credit card debt, etc. We can alleviate your stress! We want to help and we can help you!


Bond, Botes, Sykstus, Tanner & McNutt, P.C.

Web: www.bondnbotes.com

Facebook: facebook.com/Bond-Botes-Sykstus-Tanner-McNutt-PC-203986783117475/

102 South Court St, Suite 314, Florence, AL 35630

Phone: 256-760-1010 • Fax: 256-760-1023

Office Hours: Monday – Friday • 8am to 5pm

No representation is made that the quality of legal services to be performed is greater than the quality of legal services to be performed by other lawyers.