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Are you experiencing out-of-control credit card debt?

Personal credit cards have become an institution in today’s economy. But while they can be useful in allowing people to enjoy things that they might not otherwise be able to acquire right away, they also open up an avenue for the same people to quickly get into financial trouble.

Some of the potential pitfalls of credit cards are that they allow a person to accumulate debt without realizing just how much they owe until the monthly statement rolls in, and often come with high rates of interest. 

Consumers can also find themselves with large balances on multiple cards. If something unexpected happens, such as the loss of a job or the occurrence of a large, unexpected expense like a hospital bill, the individual’s ability to maintain those "low monthly payments" can quickly be compromised.

Credit card companies can be notorious for aggressive collection efforts on delinquent payments. If you find yourself overstretched financially, the past-due notices and the phone calls from collection agencies may make you wonder if there is some way to stop them, or even to start all over again and -- hopefully -- to do better next time.

There are different ways to seek debt relief when credit cards are a problem. One way might be to contact the card issuer directly. It may be willing to renegotiate payments and interest to avoid having the account go into default. Another option may be to check with a legitimate consumer debt consolidation firm that can negotiate on your behalf to lower your payments, but this may only be a good option for smaller amounts of debt. 

If your financial situation is too grave for either of these options, then another possible solution may be personal bankruptcy. One of the benefits of bankruptcy is its ability to quickly eliminate credit card debts, thereby freeing up your financial resources for more pressing needs.

As a firm that practices in bankruptcy law, we can help you to investigate your various choices if you are experiencing unmanageable credit card debt. We encourage you to contact us to learn more about how we can help you to regain control of your financial affairs.

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.