Ventura Credit Card Debt Attorney
Credit card debt is one of the most common forms of debt faced by consumers across the country. As of February 2020, Americans owe nearly $1 trillion in credit card debt, a new record according to the Federal Reserve. Credit card debt can lead to a vicious cycle of maxing out one card, transferring the debt to a new card, and then repeating the process, incurring additional fees and interest while failing to pay down any of the principal.
If you are facing mounting credit card debt, you need the assistance of a seasoned and compassionate California credit card debt relief attorney. The Ventura debt relief lawyers at Rounds & Sutter can evaluate your finances and your circumstances and help you put together a plan to obtain financial security and freedom. Call our credit card debt relief legal team today to find out how we can help you take the first step toward a brighter financial future.
Options for Dealing With Credit Card Debt
Loan Consolidation. Loan consolidation or debt consolidation involves taking out a single personal loan and using the proceeds of that loan to repay all other outstanding debt. Debt consolidation makes sense when the other outstanding debts all have high interest rates and the debtor is able to get a more favorable (and often fixed) interest rate on the personal loan. But, it is always important to carefully review the terms offered by the loan consolidation provider to ensure you are not paying excessive fees to the loan consolidator.
Transfer Balance Card. Opening a new credit card may not seem like the wisest choice for reducing debt, but, depending on the type of card, it might be a valid option for debt relief. Many banks offer balance transfer cards with 0 interest for 18 to 21 months. If your debt is sitting on a card with a high interest rate, moving to a no-interest card can be a valuable option. Transfer balance cards will often start charging higher interest at the end of the promotional rate period, so they work best when a debtor is able to pay most or all of the principal during the initial period. The duration of the no-interest period will likely depend on the credit score of the applicant. Additionally, transfer cards typically involve transfer fees and startup costs, so it is important to take those into account when weighing this option.
Debt Settlement. Debt settlement is a viable option when other options for dealing with your credit card are not available or do not make sense. The debtor, however, should be wary of the debt settlement “mill” companies that mass-market on television or radio as they often do not take the time or have the resources to review the debtor’s entire situation. That is where an experienced and knowledgeable debt relief attorney can identify whether debt settlement is right for you.
Bankruptcy. No one plans from the start to file for bankruptcy, but for millions of Americans, bankruptcy is the best option for finding financial freedom. Read more below and call a seasoned Ventura bankruptcy attorney to find out if bankruptcy is the solution to your financial troubles.
Should I File for Bankruptcy?
Bankruptcy is rarely the first choice for debtors, but it might wind up being the most appropriate and effective. Credit card debt is the perfect type of debt to be discharged in bankruptcy, and indeed it is one of the most common forms of debt that give rise to bankruptcy, along with medical bills. The most common forms of bankruptcy are filed under Chapter 7 or Chapter 13 of the bankruptcy code.
Debtors with excess disposable income can file for Chapter 13 bankruptcy. Chapter 13 allows debtors to include all covered debts, including credit card debt, into a single repayment plan. The plan will typically last three or five years and result in reduced monthly payments with no further interest accruing. Credit card debt and other qualifying debt that remain at the end of the repayment period will be discharged.
Debtors without income sufficient income to make monthly Chapter 13 plan payments can file for Chapter 7. Chapter 7 bankruptcy is a liquidation bankruptcy that involves liquidating any unexempt assets to pay debt. But with proper counsel and planning, most debtors can protect all of their property from sale while still benefiting from the clean slate provided by a Chapter 7 discharge. Call a seasoned credit card debt lawyer to discuss your finances and find out if bankruptcy is your best option for obtaining financial freedom.
Find Out How to Eliminate Your Credit Card Debt
If you are drowning in credit card debt, we can help relieve your financial stress and give you a fresh start. Contact the Ventura credit card debt relief lawyers at Rounds & Sutter for a free consultation. We will work with you to develop the best strategy for heading toward financial security. We take the time to listen to your situation and help you decide the best course of action to protect your finances, your family, your property, and your home.