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Will your debt be holding you back in the New Year?

If you owe a significant amount of debt, you know how stressful it can be to have debt collectors calling you at all hours and bills appearing in your mailbox every day. There are many reasons why people may owe a significant amount of debt, and often, they are beyond your control. A medical emergency, the loss of a job or even the death of a loved one can cause a financial crisis in your life, eventually leading to a lot of debt.

As you look to the new year that is fast approaching, you may hope that 2020 will bring you a better and more stable financial outlook. Carrying a significant debt burden can hold you back from accomplishing certain things, but it doesn't always have to be like this. There are steps you can take to reclaim your financial future and security.

The burden of debt

Most people have some debt, but it can be a problem when a Florida consumer is no longer able to make payments each month or has lost the ability to pay the full amount needed to keep up. Late, missed or insufficient payments can lead to accumulated interest that continues to add to the balance. It can quickly spiral out of control. 

Like many other Americans, your debt may be your biggest financial roadblock. What you owe could be standing in the way of where you want to be and keeping you from having peace of mind. Consider the following facts about people who are facing significant debt:

  • Almost 60% of people polled said that they would need to make more money or increase their income somehow in order to deal with their debt.
  • Around 60% of people stated their debt will be a significant financial roadblock in 2020.
  • One in four people who have debt say that it is a near-constant point of stress and concern in their lives.
  • Eliminating debt was one of the main financial goals of people who are behind and overwhelmed. 

It is possible that your situation is such that you will never be able to deal with your debt effectively on your own. In this situation, you may want to consider the benefits of filing for bankruptcy. This is a legal process that allows some consumers a way to deal with certain types of debt once and for all. An evaluation of your case can reveal if this is the best way forward for you.

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Lewis & Monroe, PLLC

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Orlando, FL 32804

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