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Past-due credit card bills can cause significant financial hardship

As we approach the end of the year, many families in Florida will be doing their holiday shopping. Stores will be filled with people looking for the best deals on the gifts that they want to buy for family and friends. Many people will set aside money each month so that they have funds available to make these purchases.

However, it may not be possible for some individuals to budget for this time of year. When the holidays arrive, they rely on credit cards and run up huge balances that they think they can repay over time. These debts can quickly accumulate interest, and it can be difficult for some to make even the minimum monthly payments.

If these individuals are unable to make these payments, it can have a major impact on the rest of their finances. In some cases, it may even lead some people to have to file for bankruptcy or take other measures to avoid falling further behind.

It is important that those who use credit cards when making these purchases take steps to ensure that these debts do not become overwhelming. A recent report by TransUnion, a credit reporting agency, stated that the amount of people with credit card debts more than 90 days past due is on the rise, and is expected to remain high throughout the rest of the year.

Once borrowers fall behind, they will be responsible for the balances and interest in their accounts, and also the late fees and fines associated with late payments. Credit card companies are very aggressive at pursuing the amounts that individuals owe. They will consult collections agencies should the balances remain unpaid. Anyone who has these outstanding debts may receive repeated letters and phone calls from these companies, and this can be very stressful for those who are already having problems making ends meet.

You may not be aware of all of the advantages that filing for bankruptcy can provide. It will bring an end to any collections actions that may be ongoing, and allow you the time you need to organize your situation. Once you have a plan in place, you can begin rebuilding your finances and eliminate your dischargeable debt.

It can be very difficult for individuals struggling with such severe financial hardships to know where to turn to help regain control. They may have worked with debt relief companies, only to find themselves in a much worse position because the companies did little to no work on their behalf.

If you find yourself having problems with your finances, you should contact an experienced bankruptcy attorney to discuss what would be best for you. Do not wait to have these discussions, as the longer you delay in taking action, the worse these problems can become.

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