Credit cards have changed our way of life in so many ways, not all bad, but our modern society is groaning under the massive weight of credit card debt – there has to be a way to Eliminate Credit Debt ….
I am NOT an attorney, not a lawyer, so do not take my advice, just my layman's opinion happens to be that bankruptcy is a very drastic measure. My opinion, my two cents, that there is only one side guaranteed to come out better – and – it might not be you.
Chapter 7 is very hard to get since the laws tighten up and Chapter 13 finds that the majority of people can not keep up with the agreed payment schedule and end up worse off than before. My opinion – you check the facts.
Chapter 7 is where you get a judgment that wipes out all your debts. While Chapter 13 is where the judge allows you to set up a payment plan – which you MUST follow to the letter!
Bankruptcy can have long term effects – car loans? Maybe not. New mortgage – are you dreaming? Higher interest rates on anything you can buy on credit, if you can – of course!
Bankruptcy may delay the pain – but it does not remove the pain.
Consider the folks (encouraged by unethical advertising by national banks who should know better) who took out equity loans on their homes to pay off credit card debt – or take a vacation, you deserve it, bla, bla …. enjoy .. Ugh. Just look where these folks are today – foreclosure – many, because they now owe more than the house is worth! Others have found their "teaser rate mortgage" has just re-adjusted !!
If you need help with credit debt, you are welcome to the gang of millions. The power of advertising … The credit card companies play the game very well. They pay top dollar for high-powered, super convincing ads on TV, they entice you – they fill your mail box with pre-approved offers – then accuse you of being irresponsible for using the card and allowing it to get out of control – I call that a double standard!
The only way to sleep at night and keep your hard-earned dollars in your bank account is to eliminate credit debt, and if this article got to you too late and you're already in the hole, then let me recommend a service I used while learning the hard way – there is a link down below to check it out. By the way, do not consult your friend who's worse off than you !! – and do check out your local Better Business Bureau to be sure you're in good hands.
* All information contained herein is for informational purposes only and is not to be construed as legal, financial or tax advice.