Credit cards have become a part of our lifestyle and its usage becomes inevitable when one tries to convert luxury to necessity. This plastic money has acquired its status because one can become proud owners of prestigious cars just in no time. But think about the dramatic consequences following it. The so-called facility is a package of accumulated interest. The prime motive of credit card companies is to make enormous profits in the form of interest.
Recession has led to unemployment and mass lay-offs. Hence, in an economy which is in scarce of money, credit cards will be the only means to spend even for the basic requirement as grocery. It is obvious that one fine morning, you know very well, that you are in a debt trap. Earlier a severe financial pressure gave no other option but to file for bankruptcy. It is not the case anymore. An individual case of indebtedness represents the economy as a whole which calls for a new financial reform.
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Government is encouraging people to settle their debts for less. This is possible with the help of stimulus package. This money is rotated among big finance institutions thereby can be utilized for the purpose of debt settlement. The Government has also taken steps to reduce interest on credit cards and waive off penalty fees. Financial reforms have motivated credit card companies to willingly settle debts because Government is making it favorable for debtor as well as creditor. Thanks to stimulus money. Debt settlement can be a self effort but going through a professional firm will help in erasing a larger portion of dues.
One also has to understand the fact that debt settlement is a better solution compared to filing for bankruptcy. Filing for bankruptcy is not as easy as you think. These days, a provision for getting rid of debts completely is unthinkable. You have to pay fat fees to attorney who can relieve you for the time being under chapter 13 of bankruptcy law. It does not mean your debts are cleared. You can buy time to settle your debts. It fetches you nothing but a bad credit history and makes you ineligible for necessary financial assistance for a decade. So, capitalize on the financial reforms this recession to remove your credit card debt.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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