| Debt consolidation can
be a great option. It has many advantages. Debt settlement is
another good choice for many people. There are times though, that
bankruptcy is the only practical recourse.
The truth is that due to the perception of a lack of alternatives, many who default are not good candidates at all. Debtors feel scared and intimidated by high-pressure collectors and never ending bills. This leads to many years with a big black mark and destroyed credit. In a significant number of cases, this can be avoided, debt can be eliminated, and credit can be salvaged. New laws have been recently passed. It will be much harder to use bankruptcy as a way out. Huge credit card companies and financial institutions had literally poured millions of dollars into the coffers of politicians to get this legislation passed. The big profit bloated banks and credit card companies are leaving many with little way out. Super high interest rates for 20 to 40 years per person suits them just fine! Stakes are high. While some believe there is not the same stigma involved in bankruptcy, to a future employer, landlord, or creditor, this is just not the case. Going to a job interview or applying for a house or apartment can be a nerve-wracking experience for those with torn credit. All things being equal, will an employer or landlord give the job or home to the person with the good credit or the bad? Bankruptcy will stay on credit for 10 years. Keep in mind that it can also persist within court records indefinitely. Even in the far future, a lender or landlord checking credit can ask, “have you EVER filed for a bankruptcy?” Even after the dust settles, and there are credit card offers coming in, how good are they going to be? 25% interest? 30% interest? Debt settlement, debt consolidation, and credit counseling are important alternatives and should be weighed prior to action that many will regret as the wrong choice.
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