Law Office of Ruth Nelson - Seattle Bankruptcy Attorney
Law Office of Ruth Nelson
What Can Bankruptcy Do For Me?
What Can Bankruptcy Do For Me?

Could a debt relief loan be the right option for you?

On Behalf of | Jan 19, 2018 | Credit Card Debt

Credit card debt can become overwhelming in no time at all. The first thing you know, you’re charging the price of a movie ticket and a bucket of popcorn on your card because you’re short on cash in your checking account. The next thing you know, you’re underwater in $7,000 worth of debt, and you have no idea when you’ll have enough money to ever pay it off.

Credit card debt can be scary, especially when you’re not able to pay your minimum balances. This can create a debt spiral that only gets worse and worse as time goes one. However, there are different options available to you when you get into a debt situation like this. These options and solutions can help you climb your way out of debt problems to regain your sense of financial security again.

One such option is the debt relief loan. A debt relief loan involves you speaking with a lender about getting a loan for part or all of the credit card debt you’ve accrued. The advantage of these loans is that they often have lower interest rates than your credit cards and a definite “payoff” date. You can simplify the debt payment process by only having one monthly bill to pay.

Of course, the debt payoff loan is not the only option available. You may also want to consider filing for bankruptcy if your debt troubles are particularly severe.

Filing for Chapter 7 or Chapter 13 bankruptcy, for example, could help you resolve your debt problems once and for all. That said, if you’re thinking about the bankruptcy process, make sure that you understand what it entails, both the pros and the cons, before you make any decisions.

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Law Office of Ruth Nelson
7742 14th Avenue NW
Seattle, WA 98117
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