The holidays are the most wonderful time of the year. But when you are drowning in debt, it can often be the worst. Constant phone calls from creditors and high credit card balances can give anyone a bad case of the holiday blues. With the holidays around the corner, it can leave many consumers with limited options. There are two solutions. The best solution is is to avoid falling into debt in the first place. But if you are drowning in overwhelming debt, you may want to consult with a bankruptcy attorney for effective debt relief solutions. Here are some ways to stay out of debt during the holiday season.
One of the biggest misconceptions about debt is it only happens to irresponsible people. Nothing could be further than the truth. The loss of a job, a divorce or a sudden medical emergency or illness can place anyone in a difficult financial position. But staying out of debt involves exercising common sense. It may be okay to charge $1,000 to your credit card if you make $6,000 to $7,000 a month. But if your income is only $4,000 a month, you already starting to dig yourself a hole. Regardless of your financial situation, now is the perfect time to put together a realistic budget for the holiday season. Sticking to the budget will help you save money and give you a better chance of paying off your bills.
If your budget is too tight, you may want to consider selling some of your items. We have all -heard that one man’s junk is another man’s treasure. Nearly everybody has personal items of value in their house that are rarely used. Many people have discovered much extra money by selling some of their old items on eBay or perhaps hosting their own garage sale.
Working two jobs can be time-consuming. However, many people across Utah have discovered new ways to supplement their income. Whether it is driving for Uber, Lyft or working a job from home, these are quick and simple ways to reduce your debt.
What is your biggest expense? Most people would say their home or their car. But few would ever guess food. According to the U.S. Bureau of Labor Statistics, Americans spend an average of $7,023 on food a year. If you do the math, it comes out to $585 a month and $19 a day. Cutting your food spending to $6 a day can help save $405 a month. Over the course of time, it can put a welcome dent in your debt.
It can be easy for anyone to fall into debt. But is far more difficult to get out. Countless people throughout Utah struggle with debt on a daily basis. It can be a helpless feeling. Fortunately, there are solutions. The first step is to seek advice from an experienced and knowledgeable legal professional. Over the years, Salt Lake City bankruptcy attorney Justin M. Myers has utilized a personable and comprehensive approach to help clients regain their financial independence. Whether you are considering Chapter 7 or Chapter 13 bankruptcy, he and his legal team can work with you to provide the best possible debt relief solutions. To learn more, contact his Salt law office today and schedule a consultation to discuss your case.