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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
540-627-6520
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Conquering debt one step at a time

In Virginia, many older adults wonder if they will get out of debt before retirement. Some have spent numerous years accumulating debt. These individuals confront financial difficulties -- including the reality that they never had the chance to save any money -- by the time they retire. Unfortunately, debt usually begins early in adult life.

For example, college students often get into debt but are unable to pay back the borrowed funds. Higher interest rates on credit cards make it impossible for them to pay back their debts. Many people max out their credit cards because they do not have enough money to pay for their daily expenses. Moreover, these same individuals often possess several credit cards, and this results in owing thousands of dollars to lenders.

College isn't the only culprit when it comes to debt accumulation. The average American also needs to finance vehicles. Financing a car typically lasts up to six years and comes with a significant debt burden. Financing a home is yet another way to get into debt for many years.

Getting into debt is easy, but getting out of debt is another story. Americans who are in debt can take a few simple steps. For starters, they should make a list that includes every debt. Debts may include mortgage or rent payments, utility bills, grocery shopping and entertainment. Debtors might need to eliminate unnecessary activities if they want to balance their budgets. When it comes to payment, snowballing is a popular strategy. This involves making it a priority to pay off smaller debts first. Others choose to consolidate their debts into one debt.

An experienced bankruptcy attorney may offer a new perspective about heavy debt. Through bankruptcy, a debtor might be able to keep certain assets while eliminating debts. Filing for Chapter 7 bankruptcy may offer hope for some debtors who are living beyond their means.

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Michael D. Hart, P.C.
19 Church Street Southwest
Roanoke, VA 24011

Phone: 540-627-6520
Fax: 540-342-7655
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