A Lawyer in Panama City Provides Tips on How to Handle Holiday Debt
If you are stressed about the holidays because of how much debt you have, you need to start figuring out what you’re going to do about it so that you don’t have to file for bankruptcy. Use these tips, provided by a top Panama City lawyer, to help get your holiday debt under control.
1. Assess your current financial situation
Before you start doing anything about your debt, you need to decide where you currently stand. How much money are you currently making? How much do you spend per month? These are good things to know before you decide how you’re going to pay off your debt. Also, you should know how much debt you have, when each payment is due, minimum payment amounts, and what the interest rate is.
2. Decide what payment strategy works for you
Deciding how you’re going to pay off your debt is one of the most important steps. This can also help relieve some of the stress you may be feeling regarding your debt. Consider paying off the credit cards that have the highest interest rates first or pay down the smallest balance first. You should always try to pay more than the minimum payment if you can, but the most important thing to remember is to pay on time. If you pay on time, it will help bring your credit back up, and you won’t have to pay any additional fees.
3. Stop buying non-essential items
It may sound simple, but buying things you don’t need is one of the main reasons people have debt in the first place. Try to stop buying non-essential items until you’ve paid off all your debt. Using coupons while buying essential items can also be helpful. This will save you extra money that you can put towards paying off your debt.
4. Use holiday bonuses and tax returns wisely
Holiday bonuses and tax returns are common sums of money that people get around the holidays. Instead of viewing this money as a way to buy more things, you should take full advantage of this bonus money and put it towards your debt. This could help you pay off a lot of your debt, or it could help you start saving for next year’s holiday expenses.
If you are in need of financial assistance, call Lewis and Jurnovoy today. We would be happy to help you with your financial troubles and provide debt relief options.
Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.
Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
https://www.LewisandJurnovoy.com
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