Do you ever feel like you are working just to pay your debt? If so, you aren’t alone. According to a recent study, in the third quarter of 2019, the aggregate household debt in the U.S. grew to more than $13.95 trillion. This was the 21st consecutive increase in consumer debt, according to quarterly reports.

With a per capita debt of around $75K, California’s rate is much higher than the natural average and other highly populated states, such as Florida and New York. However, some of the discrepancies are because of the higher mortgage loan debt amounts in California.

Finding an Effective Way to Break the Debt Cycle

Sometimes, people who become overwhelmed by debt look at possible solutions and question if they can actually afford to take action. This is only natural if you have spent months – or even years – considering what you can afford to pay next week or next month and prioritizing the bills you pay based on how urgent they are.

All this ongoing financial pressure makes it virtually impossible to pause, take stock of what’s going on, and make reasonable decisions about the best way to move forward. Unfortunately, the strategies that many people use to ensure the essential bills are paid and to prevent a financial crisis almost guarantee that they continue the cycle of being behind and having to pay high-interest fees and penalties. Thus, the cycle of debt continues.

Before you just keep pushing forward with your head down, you should stop and assess how much the debt you have is actually costing you. You also have to consider what you are having to give it up to keep servicing it indefinitely.

Getting Out of Debt for Good

The best way for you to get rid of high-fee, high-interest debt is dependent on your specific situation. Some of the considerations you need to make include:

• Your income
• Assets
• Amount of debt you have
• Types of debt
• Interest rates on your debt

In some situations, just negotiating with your creditors will offer you enough relief to regain control of your financial situation. However, most consumers aren’t a match for big creditors or even debt collection agencies.

This is why it is a good idea to consult with an attorney. A California bankruptcy attorney can assess your situation and help you decide what the best course of action is to get out of debt for good. Also, if you decide you want to move forward and file for bankruptcy, the attorney you hire will help you each step of the way and ensure you achieve the desired outcome.

Remember, not all attorneys are the same, and finding the right one for your situation is crucial to getting out of debt for good. Take some time to get recommendations and get to know the local options before making a decision. This is going to pay off and help you get out of high interest, high-cost debt, once and for all.