What to do about Credit Card Debt after the Holidays

Every year, people go out and spend a great deal of money when the holidays come around. Most of the money spent is often in the form of credit from a credit card. Some individuals think they can just declare bankruptcy and they can begin again. It is not that simple any more. Much of the credit card debt that people build up may not be dischargeable any more.

The best thing to do is not to spend that credit if you know you do not have the money to pay it back. If the credit card company can prove that you spent the money when you were reasonably sure you could not pay it back, you will be forced to pay it back and you will not be allowed to use bankruptcy to clear it from your record.

If you have made the mistake of spending too much during the holidays, you might be able to consider credit card consolidation. If you do attempt to use bankruptcy, you should be aware that some of the debt may not be released and you will have to repay that money. The bankruptcy may help with a large amount of the money, but you probably should not use this as your first option.

Every state has different programs that may help you to deal with the credit card debt. With a little research, you may find programs unique to each state that could help you. People should practice restraint and avoid getting themselves into such a situation, but this is not always the easiest or most popular choice. Talk to your credit card company and you may be surprised how much they can help you to get past this problem if they believe you are serious about fixing the problem. Two-way communications is perhaps the best way to deal with credit card debt from the holidays.