When Is It Worthwhile To Spend Money To Get Out Of A Debt Trap?
Most people’s debt problems are simply the result of life not being fair. Prices are high for almost all consumer goods, so full-time work barely yields enough to cover necessities for a household where all members are employed, much less one that includes children who are too young for paid employment. Most people who consult debt lawyers do so because they need helping choosing among four options: debt settlement, debt consolidation, bankruptcy, or continuing to tread water. This is because “get rich” simply isn’t a realistic option. Meanwhile some people can attribute their financial problems to one financial commitment that has brought with it an endless parade of debts. Sometimes the big financial mistake that started it all has managed to monopolize for finances to the point that you will need to borrow more to get out of the commitment, and you might even need to take on more debt to do that. A Boca Raton debt lawyer can help you strategize your way out of the debt trap that started all the trouble, and eventually strategize your way out of debt.
Common Debt Traps and How Much It Costs to Get Out of Them
These are some things that, at first, seem like a good investment, but end up sucking up a lot more money than you expected. Here are the basic steps to get out of some common debt traps:
- Memberships and service contracts that you don’t use – You might need to borrow money to pay the early termination fees on a cell phone service contract or a gym membership, but the one-time payment to cancel, expensive as it may be, is entirely worthwhile, because you will no longer have to deal with all those monthly auto pay payments.
- Attending a fancy college – If you realize after one semester that being far from home and surrounded by rich kids isn’t for you, you should transfer to a less expensive college sooner rather than later. If you move back home and transfer to a community college or a four-year college where you pay in-state tuition, you will graduate with much less student debt than if you had stayed at Trust Fund Babies U until graduation.
- Time shares – Even Floridians who have lived here since birth sometimes fall for those time share sales pitches that come with free Disney theme park tickets, but everyone who buys a time share realizes that they are a huge drain on your finances. You usually have to sell your timeshare for less than a third of what you paid for it, but you will be relieved when you do. If you have to pay the buyer’s closing costs and pay thousands of dollars to a real estate agent to help you sell the property, it is entirely worth it to get rid of the albatross around your neck.
Contact a South Florida Debt Lawyer About Owning Up to Your Financial Mistakes
A South Florida debt lawyer can help you walk away from the expensive bauble that ruined your finances and start on the path to freedom from debt. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.
Source:
kiplinger.com/article/spending/t059-c000-s002-how-to-get-rid-of-a-timeshare.html
