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As the cost of living continues to rise, many Americans find themselves grappling with significant debt burdens. According to recent reports from Experian, the average American carries $140,000 in debt. To shed light on this pressing issue, Joel D Lucoff, attorney and owner of Debt Shield Law, joined Inside South Florida to offer valuable insights and recommendations for those struggling to manage their debts.
When asked about the top three types of loans that people commonly default on, Lucoff identifies credit cards, auto loans leading to car repossession, and personal loans. He emphasizes that credit card debts often constitute a substantial portion of the debts his firm encounters.
Addressing the dilemma of individuals unable to meet their debt obligations, Lucoff advises against making partial payments or paying less than the minimum amount due. He explains that such actions only prolong the debt repayment process, allowing creditors to continue charging interest and fees. Instead, he recommends seeking professional assistance promptly to explore viable debt relief options.
Responding to concerns about the timing of seeking legal help, Lucoff reassures viewers that it is never too late to reach out to an attorney specializing in debt relief. Whether facing lawsuits, judgments, or garnishments, legal professionals can often intervene to mitigate the financial impact and work toward a resolution that saves clients more money than they invest in legal services.
In terms of preventive measures, Lucoff underscores the importance of cultivating mindful spending habits. He acknowledges that unforeseen circumstances such as job loss or reduced income can contribute to financial challenges. However, maintaining awareness of one's financial habits and living within means can help prevent debt accumulation.
For those seeking further guidance or assistance, Lucoff directs individuals to Debt Shield Law's website, debtshieldlaw.com, where they can access valuable resources and connect with his team.
This Inside South Florida segment is sponsored by Debt Shield Law.
