Until recently, the idea of becoming debt-free had become almost obsolete. Back in the 60s prior to their credit boom, most Americans saved up and paid cash for everything they purchased. In fact, most people saved up for large purchases like an automobile instead of having a monthly payment. I remember being a child and going with my parents to make payments on a color TV that was on layaway. At that time, the family waited excitedly for the day when the TV would be paid off and it would be coming home with us. Now, why wait when you can have it now. At least this is the message that our banks, government and every corporation in the US pushes on us with commercials. Today, the average American has approximately $16,000 in credit card debt. Considering this same group of average folks only makes about $35,000 a year, there is a good chance that this debt will never be paid off in a lifetime. The idea of credit as a good thing has been ingrained in the last few generations and because of that most college students leave school with approximately $25,000 in consumer debt. They haven't even started working yet and they're already going into their new lives buried under a pile of bills.
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Debt problems are not only a consumer problem, but are also running rampant in the government. This year, the US debt surpassed 100% of the annual GDP of the country. The United States now has more government debt per capita than Greece, Portugal, Italy, Ireland or Spain does. What's interesting is this is a fact that is not reported by the mainstream media, but they have no problem talking about the debt crisis for Greece and Spain. In a recent report, it is projected that the US debt will surpass $23 trillion by 2015 unless something changes drastically.
Americans don't have a debt problem, they have a spending problem. Life was much simpler when people lived at debt-free lifestyle and didn't have to have both parents working full-time just to pay the bills. The 2008 financial collapse might have been a blessing in disguise. It has awakened the sleeping giant to understand the problems we have created for ourselves. A new question that is being asked of a bankruptcy attorney is, "How can I become debt-free quickly?" For folks that have a large amount of unsecured debt the quickest way to eliminate this is by filing Chapter 7 bankruptcy. A Chapter 7 bankruptcy will eliminate all unsecured debts including, credit cards, medical bills, payday loans and personal loans. It will not wipe out a secured loan like a car loan or a mortgage, but if the individual can afford to pay for these once the other debts are eliminated, the individual can reaffirm them in the bankruptcy filing. This should be a time when an individual interested in becoming debt-free takes an honest look at their future income and their ability to pay and keep any additional property. Sometimes it's best to let it all go and start over. This is a topic that should be discussed seriously with a bankruptcy attorney. Becoming debt-free is not far off with the help of a good bankruptcy attorney.
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