On Behalf of developers | August 11, 2025 | Bankruptcy,Blog,Debt Relief
Credit card debt is perhaps one of the most common forms of debt Americans accrue. If you have high interest rates with a high balance, are behind on payments, or are facing overwhelming credit card debt in Mississippi, you’re not alone. Pond Law Firm specializes in debt relief in Mississippi and we’re here to share that there are various methods of resolving credit card debt that can stop the onslaught of collection calls and provide the financial relief you deserve.
Credit Counseling & Debt Management Plans
An easy and effective way to start on resolving credit card debt in Mississippi isto seek out a credit counseling agency. These agencies typically offer free consultations in which they review your financial situation and help you set up a debt management plan (DMP) to consolidate your credit card debt into one monthly payment. The payment amount will depend on your financial standing and is kept affordable so that you are able to consistently pay it on time. Oftentimes, a DMP has several benefits such as waived or reduced fees and lower interest rates. Besides DMPs, a credit counseling agency will also provide financial education that is tailored to your specific finances and needs.
Debt Settlement Options in Mississippi
Another approach to credit card debt resolution is to negotiate directly with your credit card company. You can also use a legal firm such as Pond Law Firm or a company to represent you when speaking with your creditors. The point of the negotiations is to reduce the total amount you owe which may work well for you if you are significantly behind on your payments. Creditors do not have to work with you, however, they may agree to settle a lump sum payment that is less than what you owe. The benefit of a debt settlement program is that you pay a manageable amount and it enables you to avoid bankruptcy. It’s important to note that debt settlement often lowers your credit score and some debt settlement is taxable.
Debt Consolidation Loans
If you have high-interest credit cards or multiple credit cards with high balances but you still have a good credit score, you may be able to obtain a debt consolidation loan. This means you would take out a new loan to pay off your credit card. The loan could be a personal loan, home equity loan, or a refinance of your home mortgage. You would seek a loan that offers a lower interest rate than that of your credit card and use the loan to pay off the credit card. You’ll reap the benefits of simplified payments (paying off just the loan versus several credit cards) and your monthly payment will likely be lower. Plus, you’ll save a ton on interest due to the lower rate, enabling you to pay off your debt faster.
If you are facing lawsuits, wage garnishments, foreclosure, or other such financial issues due to your high credit card debt, bankruptcy may be the right solution for you. You can file Chapter 7 bankruptcy or Chapter 13 bankruptcy for unsecured debt like credit cards. Chapter 7 allows you to eliminate your credit card debt by liquidating assets to pay off your creditors. You are able to keep your essential assets through Mississippi bankruptcy exemptions, so this is a good option if you have some assets. Chapter 13 bankruptcy creates a 3-5 year court-appointed repayment plan. This allows you to keep your assets and spread out your payments into a manageable amount. It’s vital to meet with an experienced local bankruptcy attorney before considering bankruptcy. Pond Law Firm has spent decades helping people just like you get out from under the burden of debt. We can advise you on the best path forward based on your specific financial situation and we’ll protect your rights and best interests every step of the way.
Facing debt alone can feel daunting but Pond Law Firm is here to provide the experienced debt relief support you deserve! For residents across Mississippi, our team offers a wide range of debt relief and bankruptcy legal services that protect your assets while setting you up for a brighter financial future. Give Pond Law Firm a call today for a free debt relief consultation – get our expertise working on your behalf!