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Consumer LAW PA Consumer LAW PA
  • Serving the Philadelphia Metropolitan Area
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Congratulations on Being Frugal, but Now It’s Time to Get Out of Debt


In the 90s, working adults who were struggling with debt used to get a lot of finger wagging from personal finance experts about how they could easily pay down their debts quickly if they could avoid the temptation to stop at Starbucks on the way to work.  The following decade, when the oldest millennials entered the workforce, the discourse turned to how young people these days blow all their money on experiences like overpriced avocado toast brunches.  Now that millennials are the go-to group of old folks for Internet smart alecks to make fun of, no one can claim that frivolous spending is the cause of our financial woes.  No one has spent a penny frivolously since before the pandemic, and yet everyone is still in debt.  Your frugal habits are laudable, even though it is frustrating that your debt balances don’t seem to budge.  The solution is to stick to your frugal ways and to contact a Philadelphia debt relief lawyer.

Habits of Highly Frugal People

Frugal people tend to be creative about saving money, so when you get a group of frugal people together, each one will tell you a different strategy that he or she uses to reduce expenses.  These are some habits that people who successfully avoid unnecessary spending tend to have in common:

  • Holding onto big ticket items such as cars, computers, and phones for many years, as long as they are still functional
  • Carefully planning their grocery shopping around weekly sales or coupons, even when it means going to more than one supermarket in the same week
  • Buying used items or getting them secondhand from friends or Buy Nothing groups
  • Putting their budget surplus, when they have one, toward debt repayment or savings instead of splurges

If you adhere to some or all of these frugal habits, give your spouse or your Buy Nothing group buddies a high five.

A Little Debt Relief Goes a Long Way When You Stick to Your Frugal Ways

Lots of people follow frugal habits and have been doing so for years, but their debt balances are staying the same or even getting higher.  You might be in this situation despite being steadily employed.  The good news is that, if you have a steady income, you have more options when it comes to debt relief.  You might qualify for a debt consolidation loan.  Debtors with a reliable source of employment income are also eligible for chapter 13 bankruptcy, which is less of a shock to your credit score than chapter 7 bankruptcy.  In chapter 13 bankruptcy, you are not at risk of the court liquidating your assets to settle your debts; you must only stick to a repayment plan for three to five years, after which the court will discharge the remaining debt balances.

Contact Louis S. Schwartz About Getting Out of Debt

A Philadelphia consumer law attorney can help you get out of debt when you have already reduced your expenses as much as possible.  Contact Louis S. Schwartz at to set up a free, confidential consultation.


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