Lewis & Monroe, PLLC
Free One-Hour In-Office ConsultationsFree One-Hour In-Office Consultations

Eliminating debt

Many Florida residents are interested in getting out of debt or controlling how much debt they have, but doing so is not always easy. If someone has a large amount of credit card debt and are only making minimum payments, it can make paying off cards seem to take forever. However, with a few organizational changes and adjusting the way that someone spends their money, most can get out of debt and regain control of their finances.

One of the first things that someone trying to get out of debt should do is to list all of their debt, along with how much they owe and what interest rate is associated with the debt. Once this is done, people should contact their creditors to see if they can get a reduction in their interest rate. Having a lower interest rate can reduce the amount of money that someone has to pay back in the long run. If an interest rate reduction from a creditor isn't possible, another option is to move credit card debt to another card or take out a personal loan with a lower interest rate.

The next step is to create a budget that cuts out unnecessary spending. This isn't always possible, but the less money that people spend on frivolities, the more money they have to throw at their debt. The faster someone pays off their debt, the less they will end up paying because less interest will have accrued.

If someone has more debt than they can manage, they may choose to file for bankruptcy. Filing for bankruptcy can eliminate most or all of someone's debt. A lawyer could explain what is involved in filing and help someone through the process.

Source: NDTV Profit, "11 easy steps to get out and stay out of debt", K. Ramalingam, July 31, 2013

No Comments

Leave a comment
Comment Information
ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
Email Us For a Response

Contact The Firm In Orlando, Florida

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Lewis & Monroe, PLLC

651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Map & Directions