Law Office of Judith A. Descalso Law Office of Judith A. Descalso

Variety of options for Escondido residents in need of debt relief

Millions of Americans have financial debt. And, whether it is a mortgage, a car loan, student loan debt or credit card debt, these individuals and families, including many in Escondido, deal with the debt in different ways. For some, paying off their debt is simply a matter of making monthly payments on time. But, for others, this approach isn't an option, as their debt obligations outreach their monthly income.

Escondido residents who are in need of a debt solution may have options. For some, it is not too late to take some steps on their own, and one possible option for some is to consolidate the debt so that one monthly payment can be made. Anyone who is interested in pursuing this option may be able to approach their banking institution about options, and even some credit card companies will offer debt consolidation options to good customers.

Other potential solutions can include debt settlement or management solutions. However, this option can be a bit tricky. Not all debt settlement options will leave an Escondido resident in an improved financial situation -- they may even be scams. Individuals and families exploring these options will want to take their time and investigate the options fully.

Lastly, Escondido residents facing a difficult of financial situations may want to consider filing for Chapter 7 bankruptcy. Filing for bankruptcy could result in a discharge of the debt, and although there will be a temporary dip in a person's creditworthiness, the discharge of debt could leave the individual in a much better financial position going forward.

Source: nerdwallet.com, "4 Ways to Find Debt Relief," Bev O'Shea, March 4, 2016

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