Does this hit a little too close to home? We understand. Especially with COVID-19, many people are doing what they can. Including using credit cards like cash.
As a veteran Georgia bankruptcy attorney, we have seen the results of these difficult times more than once. Oftentimes, people start out getting a credit card to build their credit. Or it could be for a perk that the creditor offers – such as travel points or rewards. But it can become your “savings.” Or even a part of your main source of “income.”
If you are going down this path, here are a few habits to start today:
Create a Budget.
Creating a budget shows you how much you have coming in each month and how much you have in bills. This will help you determine how much you have left for spending and where it should go.
Stick to Your Budget.
Laying out a budget might have seemed challenging but sticking to it is the real challenge. When you want to put something on your credit card, pause for a moment. Think how much it will actually end up costing you after the interest charge on it. Is it still worth it?
Track Your Spending
Using your budget, see how much you are spending on certain things. Could you eat out less? Could you be more careful about what you buy at the grocery store?
By implementing these into your everyday life, you will find that living within your means is doable. And you can incorporate a way to pay off your debt into your budget.
Are You Already Burdened with Too Much Credit Card Debt?
COVID-19 has affected many in negative ways, especially when it comes to finances.
Filing chapter 7, 11, or 13 bankruptcy can help you eliminate some or most of the debt looming over your head. It does so by providing you with a repayment plan you can actually afford or wiping some of it away entirely.
Here are these three different chapters broken down into the simplest terms:
- 7: “straight bankruptcy” or “liquidation”
- 13: a “catch up” plan
- 11: a version of Chapter 13 when your debt is too high for Chapter 13
Could Bankruptcy Be the Relief You’ve Been Searching For?
If you’re looking for a bankruptcy attorney near you, our office is just who you’ve been looking for.
As a bankruptcy attorney, we want to discuss your options with you. We will help determine what will best suit your needs and lifestyle during this time.
Let’s talk. It isn’t too late to start over. Call us for your complimentary consultation (phone/video). (404) 373-9933