Part of the joy of the holidays for many here in Brownsville is giving. Going out and purchasing gifts for friends and family that they know the recipients will like and enjoy often provides a lot of joy for the giver. The problem is that joy may not last if those presents were purchased with plastic. The credit card debt many people incur during the holidays can haunt them for months or even years after the holiday season ends.
The inevitable increase on the monthly payment could be well outside the budget. If this happens, Brownsville residents could find themselves in dire financial straits as a result. Making changes in the budget might be all that is needed in order to deal with the increase in payments, but that may not be enough to alleviate the debt in a reasonable amount of time.
If additional monies can be put toward the payment, that could help reduce the balance more quickly. For some this may work, but others may not be able to add any extra money to their payments. In fact, some may not be able to meet the minimum monthly payments at all.
After the holidays are over, all of the family returns home and life gets back to normal, many people will awaken to the reality that their credit card debt has spiraled out of control. If that happens, tightening the budget or paying extra may not be an option. In those cases, it might be beneficial to consider bankruptcy as a viable debt relief option. It would be a good idea to explore this possibility by consulting with an attorney with experience in this area.