It is common to receive credit card offers nearly every single day in the mail. If you already have a credit card, then it is wise to ignore them. It is especially wise to ignore these offers if you are already in debt as the offer will allow you to charge more and more items getting you deeper into debt. If you are in debt, then bankruptcy is one option to help you get a fresh financial start. However, there is another option—paying all of your debt. If you have a moderate amount of debt, then this may be possible. AARP gave consumers a few ideas on how to pay down your debt quickly in a recent blog post.

Taking advantage of life insurance

Often, it is possible to take money out of your life insurance policy, if you have one. You have to weigh the benefits and the risks when choosing to take money out. If you will avoid late fees and interest on your credit card because you are not paying down the balance, then you will get out of debt. You may be able to pay extra into your life insurance policy. Ask your broker. If you do not have any beneficiaries to your life insurance policy, such as a husband, wife, daughter or son, then you should be able to take out money quite easily. In other situations, this may be true if your policy has a cash value.

Finding more money

If you do not have life insurance or cannot take money out of your policy, then there are still other ways to find enough money to pay down moderate credit card debt. You can sell items you do not want or need in a yard sale. If you need more money, then consider using your tax refund to help eliminate debt. Many people spend their tax refunds very quickly, often on frivolous items. A tax refund is not “extra” money, it is just money taken out of your paycheck that is returned to you because you did not really need to pay it as taxes. If you use those funds to pay down your debt, then you will be debt free before you know it!

About us

We recognize that not all debt can be paid. Some people have much more debt than they are able to pay back. That may because they owe a very large amount of debt and/or simply do not have the resources to pay back the debt. In these situations, bankruptcy might be the right option.  Jayson Lutzky is an experienced Bronx, New York lawyer who handles personal bankruptcies. He offers free in office initial consultations. His office is conveniently located one block from the 4 train and Saturday appointments are available. To learn more about the types of cases the attorney handles, call 718-514-6619 or visit us online at