Pelley Law Office LLP
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214-733-1775
972-608-0335
903-813-4778

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Unsecured Debt

Americans are having a difficult time in this recession.  The unemployment rate is sky high, and many are forced to live off of their credit cards.  The biggest problem is that when we borrow from our credit cards, the amount that is borrowed is substantially increased by the interest rates that are charged against the debt.

For instance, if one spouse loses a job and in order to make ends meet, $30,000 is borrowed over a period of time then interest is going to accrue.  If the interest rate is 20% APR, then that means approximately $6,000 per year or $500 a month is being charged in interest.  If the minimum credit card payments are only $650 a month, then that is a lot of money that is being spent for the debt only being reduced at around $150 a month.

When something like that occurs, then there is a danger of repossession, foreclosure, or a lawsuit being filed against the borrower.  There are options to avoid those scenarios, like bankruptcy or debt settlement.

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Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
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Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
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Dallas Office
6060 North Central Expressway, Suite 602
Dallas, Texas 75206

Phone: 214-733-1775
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