Americans nationwide are suffering from financial difficulties. Most of them are too proud to admit it and continue on with their bad spending habits that will lead to bankruptcy. When all the warning signs are there, most of these individuals bury their head in the sand and avoid talking to a bankruptcy lawyer to see if it's time to file. Even though, filing bankruptcy no longer carries the stigma that it had in the past, most people attribute bankruptcy to failing or giving up. Currently, the average American has close to $16,000 in credit card debt. Considering that this same group of people only makes about $35,000 a year it's obvious there is no way that this debt will ever be paid off. This is not even including their household expenses and possibly a car payment. Most of the time, credit cards are used to buy worthless junk that normally if a person had to pay cash for it, they would pass on the purchase. It's really easy to just swipe that card to buy now and pay later. If you asked someone what they bought on credit card, they probably would not remember what they bought and how the balance got so high.
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The problem really gets bad and the individual is forced to use their credit cards just to make ends meet. As long as the creditors will allow them, these folks continuously try to raise their available credit so they can keep the train moving. Before this happens, they already should have consulted the bankruptcy lawyer about filing bankruptcy. Rarely does this happen. It is usually not until the ninth hour when the wheels fall off and they have run out of credit increases. It has now become time to pay the piper and it's obvious there is no money in the kitty to pay these creditors. When it gets to this point, creditors get pretty aggressive in their collection tactics and they know if they don't move quickly, the debtor will end up in the office of a bankruptcy lawyer making plans to file for bankruptcy. These days, most creditors don't waste any time suing the debtor that can't afford to pay them. If they can get them into court, they will be able to get a wage garnishment against the debtor and start collecting on money owed to them. The creditors know that once the debtor enters into a bankruptcy filing, all bets are off. So the race is on to get as much out of the debtor, before they wise up and speak with a bankruptcy lawyer.
The creditors play upon the debtor's emotions, first by trying to befriend them and act like they understand their financial difficulties. This is just a bunch of malarkey, because they do not care about anyone but getting the money promised to them. Since they are paid on how much they collect, the debtor will see how quickly their attitude changes when they are told that the individual has no money left to make a payment. All of the negative stigma that is out there, probably was put in place by the credit industry. If they can use guilt to keep people from filing bankruptcy, they have done a pretty good job. Most people wait until they are at the end of their rope before calling the bankruptcy lawyer for consultation. Usually, these individuals say the only thing they wish they did was filing for bankruptcy sooner. Once a person can get a hold of their pride and set it aside, they will be able to make a clear decision that could give them a fresh start and put them on the road to becoming debt-free.
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