On behalf of Bigge & Rodriguez, PA posted in Credit Card Debt on Tuesday, February 24, 2015.

If you’re like many consumers, the uptick in credit card spending from the holidays is still wreaking havoc on your bills through February. For those considering a Chapter 13 personal bankruptcy, a repayment plan may be necessary if the standard for personal bankruptcy is met. Once a Chapter 13 plan is established, it is imperative to understand the requirements and to follow them to the letter in order to seek debt relief.

There is nothing worse than being constantly harassed by debt collectors. You already know you are in deep financial trouble, and the onset of phone calls and notices by mail can be very stressful. It is understandable to want to ignore harassment from collection agencies, let things ride during the holidays to enjoy precious time with family and friends. But as the holidays fade past the New Year, it’s time to address your financial situation and options for a remedy.

If credit card debt has become too excessive to manage, or if your financial situation requires you to rely on credit cards to make up an income gap, it’s time to evaluate lifestyle and take action to lower credit card debt. Exceeding limits and maxing out on credit cards is a downward spiral that can only get worse if ignored for too long. Ultimately, credit scores and ratings are compromised, making it hard to get back on track to financial stability and future acquisitions, including a home purchase. Contact a Bankruptcy Attorney today to discuss options for debt relief and personal bankruptcy counseling.