stories on credit card debt

We have all heard urban stories on credit card debt, some of them are not nice, so let's don't let that happen to you. If you were, and if you are in debt, you need to learn to live within your means.

Failure to do so will ensure that you remain in debt. You need a plan and you need to live by that plan.
Well, at the very least, your plan should start with a budget. I know you don't want to hear that. You're an adult. You work hard for your money. You should have a right to have some fun and spend it how you want. Right? That's what you're thinking isn't it. You are in debt because you can't control your spending without a budget. Put a name to every dollar before you spend it. For instance, these dollars are going to the rent (mortgage). These dollars are going to my car. If you know you need to fill a prescription next month, set aside the money for it from the paycheck you will receive closest to it. Put a name on every dollar. By doing this you can ensure that you don't put yourself into any more debt than you are already in. This will allow you to dig yourself out of debt even faster.

Whether it's the holiday gifts (Christmas and Hannukah are obviously big ones, but Valentine's Day and Mother's Day add up too) or small indulgences (a trip to the local coffee shop or a nice dinner out), Americans regularly spend more than they really can because they feel like they "should". You are likely one of these people. Generally speaking, Americans put themselves into debt because of overspending.

Sure, there are some extreme circumstances like medical emergencies, loss of a job, and divorce, all of which can put a person into a financial spiral. Small law firms or individual law practices that bill their clients only after they have provided services are often stymied by the need to be their client's advocate while simultaneously being a creditor. These two roles place opposing demands on the attorney. It is difficult to passionately argue in your client's best interest when there are outstanding bills to be paid. Both the lawyer and the client feel uncomfortable in that situation. Fortunately, credit card processing for attorneys provides an easy solution.

Many attorneys wait until they have finished their work to bill the client, but this opens the door for clients to receive services without paying for them. It is much better to request retainer fees and other advance payments upfront. When these payments can be made via credit card, clients are surprisingly receptive to the idea. In part, this is because they know that if for some reason you don't deliver those services, they can always initiate a chargeback (disputing a charge) through their credit card company. It also helps that for many people credit cards don't feel like "real" money, so they are more willing to make advance payments before having received your services.
But for most Americans the root of financial trouble is simpler (and fixable!): overspending.

When you let your clients pay by credit card, you free yourself of the role of creditor, instead allowing the credit card company to play that role. In this way, you can focus on your primary role of advocate, ensuring that you act in the client's best interest at all times. As described above, this is especially true when you accept the credit card payment as an upfront retainer fee, so that you receive the funds in advance. After all, you can always refund money to your client later, but it's much better to have the money before the work is done than to request payment (perhaps in vain) after you have finished all the work.

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