Lisle Legal Issues Blog

Far too many people in Illinois and elsewhere depend on their credit cards to survive. Because of this, credit card debt is a major problem in the United States right now. It is believed that most households carry balances on credit cards. What can be done? How can one wipe out credit card debt?

According to a recently published article, there are a few different ways a person can pay off or get rid of credit card debt. The first is by using all disposable income to pay down the debt. This takes a lot of effort and requires discipline in sticking to a strict budget. It can work, if balances are low enough to be paid off fairly quickly. If accounts have high interest rates, this may not work, as interest will just continue to grow despite the efforts to pay down the balance.

Many people carry high credit card debt or medical bills, and if financial circumstances change, it can be challenging to keep up with these debt payments. Getting trapped in overwhelming debt can happen quickly and soon become unmanageable.

This is not just an issue for young people who may have taken out a credit card without sufficient income. Many times, financially well-established couples get in over their heads with debt as they are heading into retirement. The good news is that there are options for people who feel suffocated by a massive debt load. Filing for bankruptcy is often the first positive step for building a fresh financial future.  

The joy of buying one's first home usually comes with the trouble of trying to sell it down the road. People have to move for work or personal reasons and that does not always come at a time when the housing market is in a good place for sellers. Those in Illinois who find themselves needing to sell can seek help from an attorney who has experience handling residential real estate transactions. 

Buying versus selling are very different processes with different goals. When selling one's home, the goal is to achieve maximum profit. This can be done by:

• Picking a good agent and talk about commission and fees
• Pricing accurately
• Staging the property
• Choosing the best time to list the  property
• Being flexible when it comes to home showings
• Responding to offers in a timely manner

Ever fail to pay a debt even though one has income coming in? It is okay; it happens. Sometimes, financial obligations get to be too much. What one does after the fact matters. For Illinois residents who find themselves in this position, Chapter 13 may offer an affordable debt solution.

Having to decide what bills are going to get paid in any given month can be a tough decision, but it is a decision that numerous people have to make. Sometimes, the money to meet all of one's debt obligations just isn't there. This can leave a person wondering what would happen if they just stopped paying certain debts altogether.