A recent Star Tribune article indicates that Americans put on an average of $1200 of new debt during the holiday season, and offered suggestions on getting out of debt, including the so-called “snowball” or “avalanche” approach. I recently had a client whose parents gave her an advance on her inheritance to get out of debt. I hope she doesn’t go back into debt. (and I suppose a winning Mega Millions ticket could be another planning technique!)
It’s not mentioned in the article, but sometimes a bankruptcy is the best way to get out of debt, relieve financial pressure, rebuild one’s credit, and start saving for a sunnier, snow-free future. That’s where we help.