It is often very difficult for many of Alabama's families to steer clear of mounting debt. Unfortunately, with the passage of time, credit card debt can multiply to the point where it may appear to be insurmountable.
Such was the case for a couple recently profiled in an article discussing ways to trim their credit card and other types of debt. The couple found themselves owing $93,600 to various creditors. This debt was incurred by spending freely on such things as a wedding for one daughter, trips to Guam and a loan for their other daughter's college tuition.
There are a number of ways to tackle a debt of this size and successfully overcome such a situation. First, it is essential to create a plan for repayment and stick to it. Next, individuals must determine how they may be wasting money in their everyday lives by carefully tracking their spending habits.
The couple profiled in this piece had some advantages that many other couples don't. The wife was scheduled to receive a tax free gift of $14,000 from her mother which can go towards their spiraling credit card debt. They are also fortunate to have saved a decent amount of money for their future retirement.
Not all families are able to work their way out of such crushing debt. Fortunately, it is possible to file for personal bankruptcy in the state of Alabama. By filing such an action, all credit card debt can be wiped out. This will give a family both peace of mind and a fresh start. A personal bankruptcy is oftentimes the best possible solution to break free of the spiraling credit card debt that afflicts so many families in today's society. An experienced bankruptcy attorney can help to obtain the best possible result when filing these types of actions.
Source: money.cnn.com, "A couple's 5-year plan to pay off $93,600 in debt," Sarah Max, Feb. 2, 2013