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Handling debt in Washington, D.C.

There are so many ways a consumer can easily get caught up in debt. Many different types of unexpected expenses can result in debts that can grow quickly. With just a few simple solutions, debt recovery may be possible for many consumers.

One of the first steps a person should take in order to manage his or her debts and to maintain a healthy credit is to stop wasteful spending habits. For example, a consumer might benefit from taking stock of his or her possessions. While looking through the items in a household, taking a moment to understand which objects are necessities and which objects are luxuries might help a consumer avoid spending too much money, which might help him or her avoid overusing credit cards.

In addition, some strategies for reorganizing debts or pay off accounts quickly may put consumers at additional risk. For example, an individual who has difficulty controlling his or her spending might face more problems after taking out a second mortgage. Additionally, while some people transfer balances away from high-interest credit cards to new cards with lower interest and introductory offers, this may lead to a temptation to increase debt because of the newly available fund on the older high-interest card. Finally, some consumers might consider retaining the services of companies that attempt to negotiate balances with creditors. These companies often charge a large fee, and lenders are under no obligation to cease attempts to collect the balance, limiting the effectiveness of negotiation option.

Those who are facing unmanageable amounts of debt and are seeking relief might consider working with our firm. Our attorneys have had experience in working with bankruptcy cases and may be able to provide assistance during the filing process. For more information, consider visiting our web page discussing consumer debt and spending habits.

Source: Ammerman & Goldberg, "Tips for Consumers in Debt", September 04, 2014

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