People in North Carolina have several options for eliminating credit card debt before they apply for bankruptcy. One of the most popular methods is to use a debt repayment strategy. Instead of covering the minimum payment every month, individuals can pay larger amounts to get it paid off faster. They can also start with smaller debts and gradually make their way to larger balances, or start with the larger ones first so they can avoid paying the high interest rates.
Take advantage of lower interest rates
Individuals can also consolidate their debt into one payment. They can either do this by applying for a credit card that doesn’t charge interest for the first several months or by taking out a personal loan. Either way, they’ll be able to pay off their creditors and focus on paying off one large debt that’s owed to a single company. They’ll also have only a single interest rate, instead of multiple interest rates from different sources of debt.
In some cases, individuals can speak with their creditors directly and explain the situation. The creditors might agree to lower or delay their credit card debt payments. If this fails, the individual can talk to a debt counselor or file for bankruptcy as a last resort.
What to do when filing for bankruptcy
If an individual feels like it’s impossible to escape their credit card debt, they might wish to speak with a lawyer about filing for bankruptcy. An attorney could help them figure out which option is best for their situation, whether it’s Chapter 7 or Chapter 13. The lawyer can also determine if a client is eligible for bankruptcy and, if so, how to file for it through the appropriate channels.