Attorney Mark Bandy recently made a guest appearance on WSAV News, where he discussed managing monthly personal debts. The segment highlighted the average amount of debt Americans have as well as how many people use credit cards and loans to just live.
Attorney Bandy was questioned initially about whether people would reach out to him when debt becomes totally unmanageable. The answer is that there is no limit or threshold people have to reach before considering using bankruptcy for relief. Generally, many people can qualify for bankruptcy, but it’s a matter of “whether that’s really the best option.”
He also provided insight into what often leads to debt being overwhelming. Surprisingly, many people avoid even looking at their bills or debts.
Bandy stressed the significance of having a thorough understanding of one's financial situation. He advised viewers to start their financial journey by compiling a detailed list of their debts, which should include the amount owed, interest rates, and monthly payments. This step allows individuals to have a clear overview of their current financial standing.
Moreover, Bandy emphasized the importance of budgeting and maintaining a consistent payment schedule. Creating a realistic budget can help manage expenses, preventing further accumulation of debt. Making bill payments on time is crucial to avoid additional late fees and penalties.
He also advised listeners not to be afraid that bankruptcy would be a “permanent black mark” on their record. While your credit can take an initial hit, many people do see a positive change in their credit after the discharge.
In situations where debt becomes overwhelming, Bandy recommended seeking professional help. He pointed out the availability of numerous resources like credit counseling agencies and debt management programs.
For more details, you can watch the complete interview on WSAV News.
Learn How Our Bankruptcy Attorney Can Help You
The advice provided by Mark Bandy on WSAV News offered actionable solutions for individuals struggling with personal debt. His recommendations serve as a practical guide for individuals aiming for financial stability, but that advice is general. If you are struggling with debt and considering filing for bankruptcy, you should speak with our team for personalized counsel.
At the Law Offices of Mark A. Bandy, PC, we are backed by over two decades of experience and are committed to helping people with debt relief and bankruptcy. Schedule an initial consultation by calling (912) 331-4501 today.