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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Sometimes people need a financial diet coach

Debt and body weight can share some things in common, the most easily identifiable characteristic being that it is seemingly much easier and more pleasurable to pack it on than to take it off. We are all familiar with tales of dieters who struggle to lose a few pounds, only to gain it all back again. Trying to get out of consumer debt, especially credit card debt, can be much the same way.

Indeed, credit cards are worse than food cravings in one key sense: when you do not eat, you do not take on any additional calories, but once you have a sizable balance on your credit card, even if you stop using it the monthly interest charge will add to what you owe. Imagine how much harder it would be to lose weight if you added the equivalent of a few candy bars every month to your food intake without actually eating any.

Another thing that dieting and getting out of consumer debt have in common is that it is often easier to procrastinate than to buckle down and take action. "Tomorrow" is the bane of the serious diet; likewise, avoiding coming up with a budget plan to reduce card balances is what keeps many debt reduction strategies from even getting started.

Then there is temptation to "binge." Once you go on a diet and start getting that feeling of gnawing hunger, it becomes easier to break down and go for that progress-erasing muffin. Similarly, once you start gaining an available balance again on that card, it becomes more tempting to make that impulse buy.

Ultimately, successful weight loss can depend on some form of intervention: a diet coach, or in the most serious cases physical means like liposuction or bariatric surgery. Likewise, when budgeting and self-discipline are not enough, sometimes you need a financial coach to lay out your more serious options, such as credit counseling or in extreme situations consideration of personal bankruptcy.

Think of us at the Colpitts Law Firm as your financial coach: when you are in a financial hole so deep that you cannot seem to climb out on your own, we can help you to come up with new strategies and make available to you tools that you did not have before. When you are ready for outside help to tackle that seemingly insurmountable debt, contact us.

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