By Texas Attorney, J.C. Bailey III
Many people find themselves in a situation where their credit card debt has surpassed their ability to ever pay it off. They tread water by making minimum payments, transferring balances, and begging the creditors to work with them when they fall behind. While the debt grows day and night 24/7, the income and expenses vary. The car repair or trip to the ER is not in the budget. The layoff or reduction in hours is beyond their control. Consumer debt can become a large and rapidly growing tumor threatening the family’s financial health.
As hesitant as a person might be to discuss a health problem, they are even less likely to seek help for financial cancer. They go online or seek advice from their creditors and make themselves vulnerable to misinformation. They agree to give access to their bank account to a creditor or collector under threats of lawsuits or property seizure. They don’t know the facts about treatment options or if they are being told the truth. They are also paralyzed by their credit score. Get this; a family desperate for a fresh start will sometimes focus on how a new beginning will affect their number. Like a cancer patient sitting in the doctor’s office being told that a surgical procedure will rid them of a terminal disease and responding that they will keep their cancer because they would not want to have a scar.
Seek wise counsel and refuse to live your life based on a number assigned to you by the credit industry an call a reputable law firm. Bailey & Galyen always offers free initial consultations.