Thomas F. Miles, Attorney and Counselor at Law
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Those in California with unmanageable debt have hope

The holidays are a time when many in California and elsewhere find that they have spent more money than they intended. This can happen because of a present that was on sale or an extravagant party that was thrown. When a person finds that they have unmanageable debt because of the spending frenzy that can occur during the holiday season, they may wish to seek ways to recover economically.

One such method that may be of value to those of us in California with unmanageable debt may be to contact credit card companies to seek to negotiate a rate decrease or lower payments. This however, may only be available to those who are current on their payments and who have good credit ratings. Others may find that they face a significant increase in the interest rates charged each month.

In fact, the increase in interest rate can come if a person gets behind on their credit card payments. This can make the unmanageable debt even harder to repay. It is at such times that some in our state may find that they may wish to consider filing for a person bankruptcy as a result of their debts.

It is difficult for most consumers in our state to decide to file for a personal bankruptcy. Before they do, they may have worked through many of the available programs for debt renegotiation. Because there are several options for those who find that they have unmanageable debt, they may benefit from a review of all available ways to lower their debts or to renegotiate the repayment terms.

Source:, "Reality hits as holiday debt sinks in," Courtney Caligiuri, Jan. 2, 2013

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Thomas F. Miles, Attorney and Counselor at Law
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