Helbing Law Office LLC
Experienced Appleton Bankruptcy Lawyer

920-659-5606
- Free Initial Consultation

Credit card debt and other bills plague homeowners

Many homeowners are struggling to make monthly mortgage payments necessary to avoid foreclosure, forcing themselves into a situation where credit card debt or medical bills pile up as they attempt to keep their homes. Paying some debts and allowing others to slide is a dangerous act, and those who seek to find debt relief should strive to understand their rights and obligations under the law.

A 37-year-old Wausau, Wisconsin, woman struggling to keep her home has put credit card bills and other expenses on the back burner while she attempts to make her home payments. The woman lost her job just as she and her husband were getting ready to tackle expenses from the pending birth of their second child.

The woman turned to paying bills with her credit cards, including mortgage payments, which made for a slippery slope that could easily have cost her everything. She turned to retirement accounts to help pay more immediate bills, and just barely managed to save her home from foreclosure.

Debt relief comes in many forms. In many cases, agreements can be made with lenders on mortgages, credit cards and medical bills to help a family avoid eviction, bankruptcy and other dire situations. Understanding the resources available to homeowners and those burdened with credit card or other debts is the first step toward restoring a solid financial foundation for a family.

Source: Wausau Daily Herald, "Local foreclosures drop but remain high," Jeff Starck, Oct. 20, 2012

No Comments

Leave a comment
Comment Information