Ontario Credit Card Debt Lawyer
Many of us rely on credit cards to pay for large purchases and even everyday expenses. Unfortunately, though, we don’t tend to pay off our debt every month. Most credit card users carry debt from one month to another. A large number of users carry five-figure debt for long periods of time, accumulating hundreds of dollars in interest every month.
While many people carry credit card balances, they have it under control. They pay their credit card on time every month and don’t max out their cards. However, many people don’t have their balances under control. They’re finding it difficult to pay their bills. They feel overwhelmed by their debt. Many even receive collection notices.
As a credit card holder, you have legal rights. The Ontario credit card debt lawyers from Wadhwani & Shanfeld can help you understand these rights so that you can get the right debt relief for your situation.
Types of Credit Card Debt Relief
If you feel as though you are drowning in debt, here are some things you can do to alleviate the pain:
- Balance transfer. A balance transfer essentially takes the balance of one credit card and puts it on another. However, the goal is to take advantage of a 0% balance transfer promotion. If you can do this, you can save a lot of money on interest fees. However, balance transfers last a limited time (usually under one year), so you need to pay down the balance quickly or else you’ll incur high interest rates.
- Personal loan. A personal loan is a good way to consolidate debt. If you have multiple credit cards you are paying on, you can consolidate them into one easy payment and a possibly lower interest rate. This could help pay down debt faster.
- Debt settlement. With a debt settlement, you can negotiate with the credit card company for a lower balance. In many cases, you can settle your debt for less than the amount owed. You can do this on your own or have a company do it for you. However, keep in mind that the credit card company will want a lump sum payment, so be sure to have adequate cash on hand.
- Bankruptcy. Chapter 7 and Chapter 13 bankruptcy are two options if you are struggling with credit card debt. While bankruptcy will discharge credit card debt, it should only be used as a last resort. Bankruptcy is a quick way to resolve debt, but it can affect your credit for many years. Be sure to consider less severe options first.
Contact Wadhwani & Shanfeld Today
Many Americans are plagued by credit card debt. If you are feeling overwhelmed, you are not alone, but there is something you can do about it.
At Wadhwani & Shanfeld, we can help you understand how to pay down your debt or at least make it more manageable. Schedule a consultation with our knowledgeable Ontario credit card debt lawyers by calling (800) 996-9932.