San Antonio consistently ranks amongst the nation’s highest credit card debt per capita metropolitan areas, and while there are multiple variables that produce this ranking it is important to remember that there are multiple avenues of relief.
The typical stages of credit card debt are…
- Your first good paying job or college loan puts you on the radar for irresponsible lending
- The lender will offer an irresponsible credit limit that you cannot service and a
promotional temporary introductory rate. - Once you have agreed to their terms they will sell your personal data to vendors to
- advertise, entice, and induce you to spend the unsecured credit.
- Typical life circumstances force you to begin to prioritize your expenses.
(rent and car payments or credit card payments.
- You finally break and stop making the credit card payments and then the deluge of collections calls begin.
- You begin to exhibit anxiety over hearing your phone ring or even looking at your mail.
You feel harassed and ashamed that things didn’t have not turned out as your for saw. - Eventually you get sued, typically by more than one creditor, this is your first law suit, you are scared and worried about your future.
- Most people don’t know how to defend or even that they can successfully defend or settle these debts with minimum impact to their credit so they end up with a
DEFAULT JUDGMENT. - This leads to an eventual garnishment of your bank account which often occurs at theworst time financially in your life and includes ridiculous fees and interests.
Legal help is finally sought in the form of a debt defense attorney or bankruptcy.
This process generally occurs over several years and takes a tremendous financial and mental toll on the consumer or small business owner. What it tends to discourage is creativity and ingenuity which are the foundational cornerstones of the American dream. It is important to educate yourself and invoke all your defenses to preserve your future opportunities.
Hoelke Law Firm
July 24th 2023