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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
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Credit card debt: Beware potential downside of debt consolidation

It is not uncommon to encounter serious financial challenges at some point in life. In fact, most Louisiana residents would likely answer affirmatively if asked whether or not they have ever had to overcome a financial challenge. Some may currently be dealing with such problems, including credit card debt, which is often an underlying cause of financial problems.

Debt consolidation companies often offer to help people get their finances back on track by taking numerous debts and consolidating them into one monthly payment. To do this, they must be able to get all involved creditors to agree to a prospective plan. This is why such programs often backfire; if one or more creditors do not agree to a consolidation plan, the person in debt can be sued for liability.

When this happens, as it often does, the person who owes a debt might turn to the debt consolidation company for help in stopping litigation. The trouble is that such companies are not equipped to address such matters, thereby leaving the person in debt on his or her own, as well as holding that same person responsible for the agreed-upon monthly payment in the debt consolidation contract. In short, such situations can lead to financial problems that are worse than those that initially existed.

To avoid consolidation plan problems regarding credit card debt, many Louisiana residents opt to file for bankruptcy instead. There are several types of bankruptcy, all of which include eligibility requirements. At Simon, Fitzgerald, Cooke, Reed and Welch, an experienced team of bankruptcy law attorneys is on hand to provide guidance and support to anyone seeking viable solutions to serious financial problems.

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