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Stop Your Credit Card Debt Before It Starts

Credit Card Debt Attorney in Rockville, Maryland

What is the biggest worry for most people in Maryland? Job loss? Rising gas bills? Chaos in Congress?

Nope, we’re talking about debt. Paying high credit card interest charges multiple times each month, an increasing number of people are finding their credit card debt so immense it is impossible to face.

You should act now to find a trusted and reliable company that can help you deal with your credit card debt before it increases out of control.

Our law firm has been helping clients deal with mounting credit card debt without fail. We have helped hundreds of people resolve their financial issues and regain control of their finances to live happy, stress-free lives.

You will benefit significantly from our experience and professional support services. The Kurkland Law Group team is the best legal counsel for you! 

What can you do with a credit card in Maryland?

credit card debt settlement

Credit cards provide you with a line of credit that may be used for purchases, debt transfers, and/or cash advances, but they do require you to pay back the loan in the future. While using a credit card, you must make at least the minimum monthly payment on the debt by the due date.

Credit Cards: Types

There are various credit card varieties. While they might be utilized in various ways, they are all considered revolving loans. They enable customers to use their credit line and pay back debts over time.

Common credit cards include

  1. Regular credit cards: This card may be used to charge purchases. Traditional cards like Visa, MasterCard, American Express, and Discover are widely accepted.
  2. Gift Cards – The most frequent reason for selecting a credit card is its rewards. Rewards might be as rapid as 1–2% cashback or as long-term as air miles for free airline tickets or points for free hotel rooms. Other popular perks include $150 cashback after the first $500 transaction, 50,000 extra points after the first three months, and double-mileage for grocery, petrol, and utilities. 
  3. Premium Rewards Cards — If you are a large spender and often travel and pay off your credit cards on time, this is your category. 
  4. Balance Transfer Cards — This is a common way to consolidate credit card debt. Many card issuers provide 0% interest on balance transfers for up to 21 months and 0% interest on purchases for the first 6 to 21 months.
  5. Low-Interest Cards — Like balance transfer cards, these cards offer low-interest rates to help you consolidate debt. Transferring balances to these cards might save hundreds of dollars in interest payments.
  6. Retail Cards — Determine whether these cards are closed-loop (only valid at that shop) or open-loop (available for use anywhere). These cards may provide online purchasing discounts. When using the cards, cardholders generally enjoy product discounts.
  7. Gas Cards: Consumption of gasoline at a single chain is required to qualify for these cards. Gasoline discounts or monetary awards might be given once a particular amount is spent.
  8. Secured Cards: The card issuers are protected by assets — usually a cash deposit — secured by these cards. Used by students or others with bad credit, these cards may help them repair their credit. 

But the biggest problem with credit cards is that it’s easy to fall into debt. You can easily spend more than you earn and end up with a huge balance that takes months—if not years—to pay off.

What Is Credit Card Debt

Credit card debt is unsecured debt incurred by revolving credit card borrowing. Debt may be accumulated by creating many credit card accounts with different terms and credit limitations. 

The credit bureaus will record and monitor all borrowers’ credit card transactions. Credit card debt often makes up the bulk of a borrower’s outstanding debt since these accounts are revolving and never close.

Maryland Credit Card Debt Data

In 2018, the typical Maryland family owed under $8,000 on credit cards. $9,368 in 2020. While the country is struggling with credit card debt, Maryland ranks 18th in the US. This commonality makes credit card debt feel more manageable and expected. A credit card debt may cost thousands of dollars and take years to pay off if not paid in full each month. It’s better to pay off your debt than live with a cloud over your head.

Marylanders are also burdened with the following debts.

  • Student Loan Debt: Borrowers who cannot afford to repay their student loans regularly may face financial hardship. Maryland has the sixth-highest student loan debt, with an average of $32,165.
  • Vehicle Loan Debt: Maryland has an average vehicle loan debt of roughly $20,000, which is average compared to other states.
  • Mortgage Loan Debt: Maryland homeowners owe an average of $249,472. Most of the state’s wealthiest suburbs are situated in Maryland and Virginia; hence this number is greater than the national average.

Debt Relief Options for Maryland Residents

Many Maryland residents have faced unexpected financial hardship in recent years. If this has happened to you, it can feel like there is no way out. 

Credit card debt and medical bills can be overwhelming and cause a lot of stress.

Maryland residents may also qualify for the following aid programs:

Debt Consolidation Loan: Maintaining a solid credit score may qualify you for a debt consolidation loan. It takes a solid credit score, preparation, and organization to save time and money to be approved for an affordable loan to pay off high-interest credit card debt.

Debt Settlement: Unable to make minimum payments on your credit card debt? A debt settlement plan may be right for you. The credit card company agrees to take less than the among owed and paid either in one lump amount or over time. While this method might benefit some individuals, it can also harm your credit score over time and should only be used in extreme instances.

Bankruptcy: Athough bankruptcy may eliminate credit card debt, it is not often the first option for those in debt. This will harm your credit score for 7-10 years. Buying a house or securing a large loan will become considerably more difficult. Most councils leave it as a last resort when everything else fails.

Kurland Law Group can help you in Debt Settlement!

Kurland Law Group is here to help relieve the burden and pressure you may feel from the excessive amounts of debt. We will work with you to create a debt relief plan that will put you on a path towards financial freedom.

Credit Card Debt Settlement

One of the methods that we use for debt relief is a process known as credit card debt settlement. In this process, we work with you to reduce your debts by negotiating directly with your creditors. Lenders are often willing to accept less than the total amount owed if they believe that you will never be able to pay back what you owe. 

We can convince them that they will lose money if they don’t accept a settlement offer by negotiating directly with them. You are not guaranteed to be successful when you try credit card debt settlement, but our lawyers have helped many clients find success through this method. We can give you the best possible advice and help put an end to your financial woes once and for all.

If you would like to learn more about credit card debt settlement and other methods for getting out of debt, visit our website or call us today.

Kurland Law Group

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Kurland Law Group
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