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Credit Card Debt
Credit card debt is truly a modern epidemic that has a grip on U.S. consumers across every demographic. Americans are struggling to pay credit card bills; bills for charges which they racked up when times were good. Now the U.S. is in the midst of a recession. On top of this, many people find themselves out of work these days as employers have slashed jobs by the millions to save costs, and finding the next job is a difficult prospect for many.
It is not uncommon to read and hear and even know of people who suffer from credit card debt anxiety, depression and even have sleepless nights. Credit card debt itself is unsecured and therefore it is simply not possible that one could find themselves in legal trouble. However, there are repercussions for paying credit card bills late, missing payments, or not paying the bills at all. The first stage is late notices. This is later followed by collection notices. These are then followed by collection calls. During this time your credit score is sinking like a rock.
If one is facing mounting bills and the inability to make their monthly credit card debt payments, the bankruptcy lawyers on their TV commercials are quick to shout to you that bankruptcy is your way out. Don’t believe the hype. Bankruptcy is credit suicide. A bankruptcy filing will remain on the filer’s credit record for up to 10 full years. During this time, obtaining any sort of needed or sought after credit would be next to impossible. Most creditor’s would view your credit report as toxic and would view you as high risk, and rightly so.
For consumers suffering under the weight of credit card debt, there are alternatives to bankruptcy which do not destroy one’s credit record. To learn about these debt relief programs, please visit Total Debt Relief.
