Thinking credit card bankruptcy is your relief? The statements came in the mail, just like they do each month. The legislation proposed by the Obama administration was supposed to help out the common man but you can only make minimum payments on the cards. To pay them off would require more money than you make. The result of the legislation actually was to increase your interest rates.
The Federal Trade Commission has provided a calculator on its website that is designed to calculate the years necessary to pay off credit card debt. After filling out the variables for the calculator of the 29.9% interest rate and the minimum payment now being charged by the card company, the calculator determined that it would not be possible to pay off the debt during the rest of your life.
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 law provides a solution. Bankruptcy gives you the way to start over from scratch. Even though you were taught by your parents and school that all debts must be paid back, even General Motors was bailed out by bankruptcy and President Obama. If GM can start over, why not you? The bankruptcy laws were passed just so that someone could get a fresh start and begin again.
While punishment for non-payment would seem to be the purpose, bankruptcy is really about forgiveness. We dream as Americans about the goal of being able to have a financial freedom for our families. The law provides a fresh start for a new beginning.
Bankruptcy is not a step to be taken quickly without planning ahead and getting professional legal advice to make sure that you are taking the right action. A debt counseling course will be required before you can even file. More important though is what you do after bankruptcy. In order to truly get a new start, you will need to repair your credit to have the ability to begin again.
Want to find out more about credit card bankruptcy, then visit James Montgomery’s site on how to choose the best credit card help for your needs. This article, Credit Card Bankruptcy Your Only Option? has free reprint rights.
