Credit Card Bankruptcy Looming Over You?
Is credit card bankruptcy your salvation? Those bills come every month. You were able to make the minimum payment last month but no money for a higher payment. President Obama promised help with credit with the legislation passed but all the company did was raise the interest rates to rates so high as to be unbelievable.
You found a calculator on the Federal Trade Commission website that would allow you to calculate how long it would take to pay off your credit cards. Last night, you put in the balance and the new 29.9% interest rate, and the calculator literally told you that the debt could not be paid off in your lifetime with the minimum payments that you can barely afford anyway.
You’ve reached the end. If you try to pay off the debt, you will literally have a ball and chain around your legs for your foreseeable future. You simply cannot do that. You must protect your family, your home, and your future.
Your boss cut you loose some time ago but you have a potentially successful future. That future cannot be mortgaged forever.
The bankruptcy laws are designed to give you that “clean start”. Most people have trouble with the thought of filing bankruptcy even when such corporate behemoths as General Motors, with the aid of that Obama administration, filed bankruptcy. We have been taught from childhood that we must pay our debts, no matter what. However we do not have debtor prison in this country and our legislators saw fit to provide forgiveness in the form of bankruptcy protection.
Non-payment of debt should result in a penalty but the bankruptcy law provides forgiveness. The American Dream is all about the security and benefits we can secure for our families. The bankruptcy law is about a new beginning with a clean slate from which to begin that trek.
The decision to file bankruptcy should not be taken lightly and you must get professional advice before making that decision. You will be required to attend debt counseling before filing bankruptcy. Although it is not required, one should strongly think about participating in a credit score improvement course following credit card debt bankruptcy, so that you truly get a clean start.
Learn more about credit card bankruptcy. Stop by James Montgomery’s site where you can find out all about credit card help and what it can do for you. Unique version for reprint here: Credit Card Bankruptcy Looming Over You?.
categories: credit debt relief,credit card help