How often do you use credit cards? If you’re like most Americans, you’re swiping pretty frequently, but that swiping could come with a fairly hefty price tag. Each purchase you make with a card piles up interest and fees unless you’re paying it off every month, and if you’re carrying the debt more than a few years, the debt will continue growing exponentially. Watson Law can help you negotiate your debts to more manageable sizes and get your finances under control.

Unsecured Debts, Secured Debts: What’s It All Mean?

Most debts fall into one of two categories: secured debts and unsecured debts. Secured debts are backed by some form of collateral, such as vehicle or house. Unsecured debts are not backed by property. Common forms of unsecured debt include:

  • Credit cards
  • Personal loans
  • Store cards
  • Payday loans
  • Cash advances
  • Medical bills
  • Some types of utility bills

If you get behind on secured debts, your creditor can foreclose on your property or repossess your vehicle. If you are behind on your unsecured debt, they do not have that option, but they can call you at home or send letters in an effort to collect on the debt.

Managing Your Debt

To avoid creditor action, you need to be proactive in managing your debt. One of the best-known options is bankruptcy, but you also might be eligible for debt negotiation. With this option, you will work with your creditor to negotiate your debt to a more manageable amount. Most types of unsecured debts can be negotiated, including credit cards, medical bills and personal loans. However, the process can be complex. Watson Law can help you negotiate your debts. We work directly with creditors to negotiate settlements that are fair and affordable for you, often for a small fraction of the original amount. Once we’ve negotiated a settlement, we’ll send it to you for approval, and you can be on your way to a worry-free future.

If you’re ready for a financial fresh start without the burden of unwanted debt, call Watson Law today to learn more or schedule a free case evaluation.