The Russo Law Firm has helped consumers and debtors over the years to get close to 4 million in credit card debt completely dismissed.
However, the point of the firm’s assistance is to help people, most of the time going through very hard times, get back on their feet and move forward in their lives without getting into additional debt. When a debt collector (not the bank) has purchased debt for pennies on the dollar and the bank gets a tax write off, typically the poor suffer. We want to protect people against companies trying to profit off of the poor. The purpose of the firms work is not to stick it to big banks or collectors. The Russo Law Firm encourages people, whenever possible, to pay their debts and maintain a debt free life. The rich rules over the poor, and the borrower is servant to the lender (Proverbs 22:7); Do not be among those who give pledges, Among those who become guarantors for debts. If you have nothing with which to pay, why should he take your bed from under you? Proverbs 22:26-27
According to the New York Federal Reserve, Credit Card Balances have jumped by 13% recently. Maintaining a credit card balance is truly one of the worst financial decision you can make. CNBC has just released an article outlining how credit card debt is exceeding inflation and far exceeding wage growth. You can find the article here.
There are emergencies and truthfully unexpected circumstances that can lead to credit card debt. However, many times, credit card debt is simply avoidable by proper budgeting and learning to live below your means.
You may say to yourself, I have worked hard, I deserve that new…. or I deserve to go on that trip to…. or whatever it may be. However, if you want to truly love yourself and do what is best for yourself and your family, then you will deny yourself that short term pleasure with the hope in a long term gain, stability and financial peace.
Few invested and saved (when possible) during the abundance of government stimulus during Covid. With prices now skyrocketing everywhere do to inflation, few have actually changed their lifestyle or made serious financial cut backs. Naturally, something has got to give. Stimulus has dried up. Wages are not keeping up with inflation. To buy a staple like milk now costs as on average over $5.00. Eggs are forecasted to increase in price by 70% by the end of the year. This will be an issue that every household must address and ignoring it will not make it disappear.
It is not to late to act and prepare. There are free budgeting programs like Mint or paid budgeting programs like YNAB which can help you get your finances on track. There is Dave Ramsey EveryDollar program and he will insist that you build up a $1000 emergency fund (which he probably needs to updated due to inflation). There are tons of free resources to help you get your finances under control. However, it will take you leading yourself and your family with an unwavering resolution to deny yourself those fleeting short term pleasures with a laser guided focus on long term stability and financial peace.
But seek first the kingdom of God and his righteousness, and all these things will be added to you. Matthew 6:33. Wealth gained hastily will dwindle, but whoever gathers little by little will increase it. Proverbs 13:11.
We are here for you if you get sued by a debt collector. However, it would be far better for you to never be in a situation where you are being sued for a debt in the first place. You can do it! Philipians 4:13.