Dealing with debt is not always a crisis, but it often feels like that to those who are in the throes of past-due notices and harassing phone calls from creditors. Still, personal bankruptcy can be an effective option for many people in Florida. Despite this, some are hesitant to move forward with the process of bankruptcy, and instead are interested in finding ways to achieve debt relief on their own. Here are a few options that some may want to consider.
Student loans are an enormous burden that make it difficult for many college graduates to move forward with their lives. However, rather than continue struggling with several different monthly payments, borrowers can potentially refinance their student loans. This allows borrowers to consolidate their various student loans into just one monthly payment. There is no fee for refinancing student loans and repayment terms can range from between five to 20 years.
Although the process varies from that for student loans, consolidating credit card debt can also help consumers better manage their debts. Credit cards often carry high interest rates, and making multiple payments per month can be extremely taxing on most people's bottom line. Instead, some consumers should consider taking out a personal loan, paying off all of their credit card debt and then the repaying the personal loan in a single monthly payment.
Debt consolidation can be effective for some Florida consumers. For others, debt relief is not quite so easy, and no amount of consolidation can help them achieve financial freedom and stability. In such cases, personal bankruptcy -- either Chapter 7 or Chapter 13 -- might be a more appropriate option.