GM Law Firm, LLC, explores rising credit card debt in America, and how it can affect consumers over the long term. Americans have more credit card debt than ever, but there are many options that they can explore to get out of debt. Among these options is debt dismissal.
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If you are among the millions of Americans who are carrying an uncomfortably large amount of credit card debt, bankruptcy is not your only option. Read on to learn more about debt dismissal and how it can save you from declaring bankruptcy, which will affect your credit and your future for years to come.
Rising Credit Card Debt in America
What would you be willing to do to get rid of your credit card debt? Recent surveys have shown that many Americans would be willing to give up social media, their pet, and even sell a kidney just to erase their credit card debt.
The events of 2020 have caused a dramatic spike in credit card debt in the US, and much of it has carried over into 2021. People have lost their jobs, or are struggling to get back to work after an extended illness, which has combined with the usual burden of debt that Americans grapple with each year.
For many people, the amount of debt that they are carrying on credit cards is harming their credit and threatens their ability to retain their assets. Thankfully, consumers may not have to give up their pet, social media, or their organs to get their debt under control.
Debt Dismissal
Consumers are often totally unaware of how the system of debt on credit cards works. They are typically also unaware of the interest rate charged on the cards they have applied for. This can spell disaster over the long term.
Thankfully, there is an answer to this problem. Debt dismissal is the process of dismissing a debt either with or without prejudice. With prejudice means that the debt is permanently dismissed and can’t be brought back to bear on the person. Without prejudice means that the case can be brought forward again.
Guided by a debt dismissal expert, you might be able to have your debt dismissed or your student loan forgiven. This is a far better solution than declaring bankruptcy, and it will affect your credit score for a shorter period of time. The other major benefit to debt dismissal is that you will be allowed to keep your assets.
This means that you will keep your home, your car, and other items that would be taken when declaring bankruptcy. This is a much better solution if you have a large burden of credit card debt. Many people are simply not aware of this method.
Knowing that you are hovering on the brink of bankruptcy can be very frightening and stressful. This does not mean, however, that you have to wait to look for solutions until it is too late. Talk to a debt dismissal expert as soon as possible and get your debt under control fast.
About GM Law Firm, LLC
GM Law Firm, LLC, is a consumer advocacy law firm based in Boca Raton, Florida, that empowers clients battling credit cards, repossessions, installment loans, private student loans, and medical debt to fight for their rights and help negotiate a satisfactory debt resolution. The experienced attorneys from the GM Law Firm, LLC, also legally protect clients against harassing debt collectors and provide a customized strategy for debt defense. Contact GM Law Firm, LLC, for a consultation.