Atlanta Bankruptcy Attorneys Say Employee Raises and Benefits Are on the Way

Ready for some good news for once? Now that the economy is starting to rebound, it looks like employers are ready to give you what you really want for Christmas - raises, bonuses and benefits.

It's a long-awaited change from wage freezes and mass layoffs. But it's news that should be taken with a grain of salt for a couple of reasons.

First, know that not everyone will get that much-needed paycheck boost, according to USA Today. About 40 percent of employers reported that the raises would be based on employee merit, rather than given across the board, in a study by Towers Perrin. If you want that raise (and want to keep hoards of qualified job seekers from stealing your position) you're going to have to be on your most professional and productive behavior.

Second, realize that earning more money doesn't necessarily mean you'll be any richer.

If you're anything like most Americans, you might already be spending more than you earn and using a credit card to cover the difference. What's to say you won't do the same when you get a raise? Yes, you'd be bringing home more bacon, but you'd also be spending more, meaning more debt payments with more interest (and more stress). Until you confront your plastic habit and learn to spend within your means, no raise is going to be big enough.

Surprisingly, that's actually positive news. How so? Think of it this way. If there's a raise in your future, you'll have some extra cash to apply to your debt. Don't think of it as giving up money; think of it as saving money, since the more debt you eliminate, the less payments - and interest - you'll be stuck with in the future.

But there's more. Even if you aren't one of the lucky ones on track for a fatter paycheck, you can still get a raise. Confused? Don't be. Since it's your debt rather than your income that most shapes your financial state, all you have to do to increase your take-home pay is to lower your debt burden.

Commit to paying a certain amount towards your debt with each bill payment. Ignore the minimum, which covers little more than interest and could keep you in debt potentially forever. Remember, the more money you give to creditors, the more they knock off your principal balance. But if you just can't spare a dime over the minimum - or afford to pay your bills, period - you're not out of the game yet. When you file for bankruptcy, for instance, you find an affordable way to pay off your balance, while also receiving legal protection from your creditors.

To learn more about how bankruptcy can help achieve you financial goals, just contact our Atlanta bankruptcy attorneys for your free one-on-one debt analysis. Why wait for your boss to give the OK when you can increase your wallet - and your financial freedom - this new year?

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