Credit cards offer enormous convenience—nobody really advocates going back to the days of cash only—but they also can come with enormous hidden costs.
If you are considering declaring bankruptcy in Massachusetts, you may want to try some of these approaches first.
Pay down your most expensive, highest-interest credit card first
If you are in financial difficulties, one easy first step is to compare the interest rates and finance charges on each of your credit cards, and then pay down the most expensive card fastest. You may even be able pay it off all at once by drawing on your savings—in the long run, you save more by not paying that interest every month—or by selling something.
Call your credit card company to demand lower interest rates and finance charges
Interest rates and finance charges are not set in stone. Frequently, consumers have been able to negotiate lower APRs and finance charges simply by asking for lower rates from their card issuer.
Only use one card
Keeping track of multiple payment schedules and trying to balance your finances all at once can be nigh on impossible. Choose your credit card with the lowest APR or fewest finance charges, and use that card for all your purchases. Keep a back-up card in case of emergency, but only use it when absolutely necessary—and make sure your back-up card does not have high annual service fees that apply even when you do not use it.
If all else fails, consider bankruptcy
Do not, under any circumstances, hand your credit card records over to a debt consolidation, debt negotiation, or debt elimination agency. They are out to make a profit from you, just like the credit card issuer. Many of these companies have been exposed as fraudulent by the Better Business Bureau, and you may end up paying more in the long run.
Instead, consult a Massachusetts bankruptcy attorney about your situation. Under the right circumstances, you may be able to declare bankruptcy and still:
Keep your home
Keep your cars
Eliminate your second and third mortgages entirely
Get right side up if you are upside down on your car loan
Keep your motorcycle, camper, trailer, snowmobiles, jet skis, and much more
Marla R. Margolis has almost 15 years experience helping Massachusetts families and individuals who find themselves in financial distress. Contact her today by calling, toll-free, (888) 98-MASS-DEBT, or by emailing her, to arrange a free initial consultation and begin getting your debt under control.
Ms. Margolis highly recommends viewing the following. It is eye-opening information. WARNING: There is some adult language used.
Maxed Out, a film by Magnolia Pictures and Red Envelope Entertainment
Record High Consumer Debt, a report by CBS News
*These opportunities may be available to you depending on your assets, income, and expenses. The bankruptcy laws allow you to keep items mentioned above and eliminate certain debts under certain circumstances only. Each case is different, and your case must be reviewed by the attorney to determine whether any of the above would be applicable in your situation.
Record High Consumer Debt, a report by CBS News
*These opportunities may be available to you depending on your assets, income, and expenses. The bankruptcy laws allow you to keep items mentioned above and eliminate certain debts under certain circumstances only. Each case is different, and your case must be reviewed by the attorney to determine whether any of the above would be applicable in your situation.
We are a debt relief agency helping people to file for bankruptcy protection under the United States Bankruptcy Code. Nothing herein should be considered legal advice. The data on this website is for informational purposes only. No attorney/client relationship can be formed until an in-person meeting is conducted and certain documents are signed. If you have any questions, please contact the attorney directly.
The Law Office of Marla R. Margolis, LLC is located in Bedford, NH and serves clients in and around Bedford, Litchfield, Manchester, Hollis, Amherst, Merrimack, Goffstown, Londonderry, Hooksett, Greenville, Wilton, Auburn, Mont Vernon, Milford, Lyndeborough, Nashua, New Boston, Hudson, Bow, Brookline, Francestown, Candia, Hillsborough County, Merrimack County, Rockingham County.
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