Over the last few years the topic of foreclosure has gotten a lot of press. What's funny is, there hasn't been much said about large amounts of credit card debt that Americans have today. Credit card debt is probably the number one thing that causes more bankruptcy filings than anything else. Usually, when a debtor gets behind on their house payments and ends up in foreclosure, the underlying reason is a debtor was juggling their credit card bills alongside of their household expenses. In today's society, the idea of having a credit card is not an option. People don't realize that it is possible to live without a credit card.
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Once people get addicted to swiping the plastic, it seems like it is impossible to break. The addiction to credit has become a huge problem in this country today. Nowadays, in this world of I want it now and I can't wait, people don't understand how before credit, our parents used to live. In the past, there used to be layaway plans that the individual would go to the store and make payments until it was paid for and at that time they would get to bring it home. Working and saving up for something for a period of time makes you appreciate it all the more once you get it.
Over the last 30 year's credit has become a new way of buying stuff. Corporate America has made it to buy it now and pay for it later. In many cases, by that time the item charged is paid for, it's probably not even used anymore. It's no wonder that last year alone there were 1.6 million individuals filing bankruptcy in the US. It's easy to let credit card debt burn out of control when left unchecked. Lately, with unemployment pushing 10% many people have been forced into living on their credit cards. At some point there will be nothing left on the cards to spend and the debtor will be forced into filing bankruptcy to eliminate the debt.
Many people that are buried under a mountain of bills feel bad about filing bankruptcy on their credit cards. They feel that it is dishonest to not pay the bills that they promised to pay. This is all pretty noble, but when you consider that choice of feeding your family or paying your credit cards, I think feeding your family is more important. Once you stop paying your cards the debtor will see that the creditor is not your friend. They will turn on you like an angry lion. When the creditor starts filing lawsuits garnishing the debtor's wages, they will quickly change to filing bankruptcy on their debts. Just ask any bankruptcy attorney and they will be able to explain the debtor, creditor relationship. If you consider that years of interest that was paid on the account you will understand that they are not your friend.
After making the decision to file for bankruptcy it's important to get the help of a bankruptcy attorney that has experience in your personal situation. Having the help of a bankruptcy attorney to navigate the complexity of the law will eliminate a lot of the stress that filing bankruptcy creates.
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