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Is debt settlement the answer to debt relief problems?

In many cases, Florida consumers who are struggling with high levels of debt find themselves in serious and immediate need of debt relief. In some cases, individuals fail to recognize just how deeply they have become mired in debt until something forces them to address the issue. For others, a slow but steady dependence on credit cards or other forms of debt lead to a far more serious scenario than they thought possible. Regardless of how one came to be in need of debt relief, many will consider debt settlement services as they search for a solution.

Student loans leave many seeking debt relief after graduation

The desire to attain a college degree is an admirable goal, and research shows that those who graduate from college will earn higher salaries during the course of their careers. The path toward earning a college degree, however, is often paved with high levels of debt in the form of student loans. While there are efforts underway to help reduce these costs, many recent graduates in the state of Florida are facing difficult decisions in the search for debt relief, just when they should be focused on beginning their career path.

Credit card debt could lead to the next economic bubble

Borrowing throughout the United States, including in Florida, spiked by more than 10 percent in April. The increased use of credit cards is an indicator that the economy is rebounding from the 2008 recession. However, it’s also sparking fear that a credit card debt bubble -- much like the housing bubble burst that contributed to the recession several years ago -- is on the horizon.

The escalating credit card debt problem for Americans

As Florida readers may be aware, it seems to be much easier to get into credit card debt than it is to find a way out. There are many reasons why Americans turn to credit cards, from paying for college tuition costs to everyday expenses. Credit card debt is an issue that can potentially affect most demographics, but the main differences lie in how these different groups handle this and other types of debt.

Taking an aggressive stance against credit card debt

For many Florida consumers, a single financial setback can lead to a spiralling debt scenario. The loss of a job or a serious illness can cause an immediate drop or cessation of income. Next comes the need to rely on credit cards to cover the basic costs of living. Before long a mountain of credit card debt accumulates, and consumers find that the need for debt relief is urgent.

Credit card debt collection rules: Know your rights

For many in Florida, periods of financial hardship lead to the need to rely on credit cards to cover basic living expenses. Many people are able to pay down those balances within a short period of time, until a sudden change in their financial lives creates a credit impasse. An unexpected job loss or illness can throw one's life off-balance and lead to a serious credit card debt issue. Making matters worse, once those accounts fall past due, credit collections begin.

Debt relief available for those with overwhelming student debt

Being forgiven for doing a wrong can feel good. Being forgiven of one's student loan debt totaling tens of thousands of dollars may feel even better in Florida. More and more people are pursuing debt relief by taking advantage of government programs that forgive certain amounts of college debt. This program, however, does pose some challenges.

Credit card debt looms for many Florida residents

Many Florida residents use credit cards for necessities, such as gas and groceries. While some people do this intentionally, with plans to pay off their balances each month and reap card perks, others are carrying balances month to month because they are stretched too thin. Many such individuals not only grapple with credit card debt, but also a lack of savings to use in case of emergencies.

Don't let title loans lead you into deep debt

Many people in Orlando live paycheck to paycheck, and sometimes there is just not quite enough money to pay for the essentials. In such cases, many people turn to payday advances or car title loans. Unfortunately, such decisions tend to end up leading people into seemingly endless debt.

Chapter 13 bankruptcy and child support

Florida parents who are trying to declare personal bankruptcy may encounter some challenges if they are receiving child support. In fact, some people fear that their Chapter 13 bankruptcy may be dismissed altogether because they are receiving child support as "disposable income." In many cases, Florida judicial authorities take a long time to confirm Chapter 13 cases involving child support; those cases may ultimately be dismissed or go to trial to determine whether the bankruptcy provisions are acceptable. Bankruptcy advocates say that parents who are receiving child support should be protected from unfair Chapter 13 proceedings, as the money is set aside for their children's needs.

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James H. Monroe, P.A.
651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
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