IF YOU are buried in debt, you may be feeling trapped at the moment with no way out. You realize you need help but don’t know where to go for help. You may even be embarrassed about your situation that you find it uncomfortable to turn to family and friends for help. So you try to deal with your debt problems on your own, juggling your finances every month. Many people continue to borrow even more just to pay other debts and stay afloat. Unfortunately, this strategy doesn’t work in the long run and only makes your financial situation worse. What do you do?
Serious debt problems can cause you to lose sight of your priorities. When you are in debt, you lose focus on the things that really matter in life because you become so absorbed in your own problems that there is no time to think of anything or anyone else. Spouses stop talking to each other and when they do, all they do is argue about money. I have seen debt problems divide families. It’s amazing what money does to people. Sometimes the best of friends become the worst enemies when money problems enter the relationship. Business partners split up. Did you know that financial problems are one of the leading causes of divorce in this country? “How can this be?”, you may ask. How can this be possible in a great country like ours where everything seems to be in abundant supply? There isn’t a shortage of money.
That, I know for sure.
See, lack of money is not the problem in this country. The problem is the lack of responsibility in handling money. Did you know that the average American household earns at least $40,000 per year? Most families make a lot more than this. If you work 40 years of your life until you retire, at $40,000 a year, you would earn $1.6 million dollars in your lifetime! That’s right! Most people will make more than a million and a half dollars in their lifetime. But why is it that most people retire at age 65 with less than $5,000 in their bank account, according to survey done? Where did all the money go?
To answer this question, I ask you to do a simple exercise. Look at your credit card statements last month and see how much you paid in “minimum payments”. Then see how much of your money went to pay off interest and how much went to pay off your balance. Better yet, get a credit card statement that is a year old and compare it with the one you got last month. Assuming that all you’ve been doing is make minimum payments, compare last year’s balance with your current balance.
What I’m trying to show you is that if you’ve buried yourself in debts that charge you 24-29% interest per year, chances are that all of your hard-earned money is going to pay interest alone so that you will remain buried in debt for the rest of your life!
A majority of people who come to my office to file for bankruptcy owe mostly credit card debts. After years of trying to pay off these debts, they come to realize that there is no way in the world that they can pay the debts on their own and that they need to do something about their situation. If you are drowning in debt and can barely keep your head above water, we have federal bankruptcy laws in this country that can help you get a fresh financial start by either allowing you to wipe out debts that you can no longer pay or reduce and consolidate your debts into one affordable monthly payment. If there is a way to avoid filing for bankruptcy, by all means, you should check out non-bankruptcy alternatives. If you are confused and don’t know what to do, I would like to help you understand all your options. For a free personal consultation, you can schedule an appointment by calling TOLL FREE 1-866-477-7772. We have offices in Glendale, Cerritos, West Covina and Valencia.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped over 4,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1-866-477-7772.
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