Top Mistakes People Make In Attempting To Resolve Debt
Prior to opening to Atlas Law Firm, Michael Sheridan met with literally hundreds of people and businesses who came to him for consultation regarding potential solutions to their financial troubles. Over the years of helping people resolve their debts, Mike has seen patterns of behavior for people who are struggling to climb out of burdensome debt. Often times, people will take actions in an attempt to resolve debt or delay additional expense, not knowing the full consequences of their actions. With the benefit of his experience Mike can advise people what pitfalls to avoid and help people and businesses resolve their debts with minimal cost and maximum effectiveness and efficiency.
This post is the first entry in a series devoted to the "Top 10 Mistakes People Make Trying to Get Rid of Credit Card Debt." Some of the mistakes are more serious than others, but they are all common among those struggling with overly burdensome debt, in no particular order, here they are:
While using one credit card or loan to pay another debt is obviously not an effective way of reducing debt, it is somewhat common among those struggling with debt because it delays confronting the issue. Almost everyone has debt: credit card, medical, mortgage, auto, student, etc. Average credit card debt per household with credit card debt: $15,956. ...more
A lot of people come into to our office with preconceived notions of bankruptcy. There is a sentiment that if a person fails to pay a debt, that it is a reflection of that person's character. This perception stems from an antiquated view that the extension of credit by a bank or credit card company is an honor earned by the recipient by building their credit-worthiness. ...more
I meet with a lot of people struggling with debt. Often times, they are late on one of more debts and the debt has gone into collection. This means that they have received correspondence or spoken with a debt collector. The debt collector's job is to get you to pay the debt. It is unlawful for a debt collector to lie to you in order for you to pay the debt. A primary collection tactic is to tell you some of the truth, but not the whole story....more
This content is not meant to constitute advice of any kind, including without limitation, legal advice of any kind. If you require advice in relation to any legal matter you should consult an appropriately qualified lawyer.