As we all know too well, consumers within the United States of America have developed a serious addiction to credit card debts, and things have only gotten worse in recent years. Credit card debt has become a national crisis – an accompaniment and spur to the foreclosure boom and bank failures – yet most of our citizens have no real idea on how to change things around. As the economy continues to fall apart, we have no choice but to try and tackle the problem head on with all due diligence in efforts to repair credit card debts before they fully strangle whatever opportunities may come our way. There are professional options available, of course, but all of these come with their own sets of troubles. Most of the debt elimination theoretical solutions hawked through media advertisements could actually be considered destructive to household economies. With a national recession looming over the horizon, it is the responsibility of every citizen to deal with their own personal debt loads no matter how tempting the alternatives can sound. Remember, most consumers only learn about the benefits of debt relief programs from commercials and other advertisements that have little reason to elaborate all of the many disadvantages they may contain. Reducing or eliminating credit card debts should be taken seriously, but consumers should try to avoid the help of external professionals for as long as they can.
As attractive as handing over their problems to supposed authorities may seem in the abstract, one could argue that this is precisely the sort of thinking that led us to this lending crisis in the first place. We blindly believed that the banking community knew what they were doing, and that certainly didn’t turn out that well. This is not to say that all such counselors are not to be trusted, but, as with any ambitious and experienced group of professionals, they do tend to at times to overly profess the wonders of their particular specialty (that is, after all, how they make their living) and often to the borrowers’ detriment. After you have taken the time to fully analyze your own finances and personally tried every sort of credit card debt relief technique, you may indeed realize that one of the economic services may be necessary to pull yourself out of the mires of debt 債務舒緩壞處 burden. However, you should only succumb to such a plan once you have made certain that you have done everything you can on your own initiative.
You are probably familiar with the Chapter 7 bankruptcy protection, we assume, but what you might not understand is how dramatically 2005 legislation has altered the US bankruptcy code. It’s much more difficult to declare bankruptcy these days, and most people who still maintain the income or savings to afford bankruptcy attorneys (ever more expensive as more and more borrowers find need of their services) would not even be admitted into the program. Yes, qualifications for the Chapter 7 debt elimination bankruptcy program newly depends upon not merely the debts that individuals or families have amassed but also their gross earnings relative to the average of their state of residence. Furthermore, after the congressional alterations of the code, even those supposedly lucky borrowers that have been allowed to enter the bankruptcy program must now face potential seizure of their property based upon each item’s replacement (as opposed to, in previous years, resale) value. In simple terms, this means that every applicant for Chapter 7 bankruptcy will have to gird themselves against the very real possibility that a lifetime’s possessions will be taken away by the courts for auction to repay the accumulated creditors.