Author Box
Articles Categories
All Categories
Articles Resources

What Is The Quickest Way To Become Debt-Free?

January 15, 2012 | Comments: 0 | Views: 99

Over the last 30 years, Americans have become addicted to credit. Being able to buy something now and pay for it later has become the new normal. Back in our parent's days, individuals used to save up for that special vacation or a gift. There were even layaway programs at all the big department stores that were very popular coming up to birthdays and Christmas. The thing was, you didn't get the item until it was paid in full. Now, you can buy that big screen TV that you can't afford and have it just in time for the Super Bowl. By the time the bill comes in the mail, most Americans have already moved on looking for that next greatest item to buy. This has become a sickness in American culture and I don't believe that people remember what it's like to live out of bondage and be debt-free. The average American in 2011 ended the year with close to $16,000 in credit card debt. The crazy thing is,currently, the income is only $35,000 a year. Take out for taxes and living expenses it doesn't seem like this debt has any hope of ever being paid off.

As the average debt level of Americans continues to rise a little bit each year, the only thing that will stop the debtors from continuing to charge is when the creditors cut them off. In fact, this is probably the best thing that could possibly happen to these individuals even though they don't think so. At this point, they would probably have no other option but to seek the advice of a bankruptcy attorney and file for bankruptcy. For people that are burdened with large amounts of unsecured debt, filing Chapter 7 bankruptcy could become a dream come true for these individuals. At first look, most people don't want to file for bankruptcy because they don't want to give up their ability to have credit cards. What they don't realize is surely after filing bankruptcy, opportunistic creditors will see these debt-free debtors as easy pickings to get them back in debt. Sometimes it takes something drastic to make a person wake-up and see how nice it is to live without credit while being debt-free. This form of stress-free life puts things back in perspective for these individuals post bankruptcy filing.

It's not necessary to wait until creditors cut you off before filing Chapter 7 bankruptcy. Sometimes it's good to read the writing on the wall and see the inevitable coming. Making minimum payments to keep these credit card accounts open is no way to live. The only one that is benefiting from that account is the creditor. If the creditor allows the balance to be raised continuously it becomes very obvious that this is a debt that is going to go south. Why take good hard earned money to pay interest to creditors on a debt that will never be able to be paid off is foolish. When the light clicks on, many people filing Chapter 7 bankruptcy will see all the money they threw away paying interest only just to keep the credit card going. Depending on the situation, the quickest and easiest way to become virtually debt-free or close to it is to file Chapter 7 bankruptcy. The debt-free part, depends heavily on if the debtor has any secured debts that they want to keep. If all the individual's debt is unsecured, like credit cards, medical bills and payday loans after they get their bankruptcy discharge there is a good chance they could be debt-free.

The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

Source: EzineArticles
Was this Helpful ?

 
0
 
0
 
Rate this Article
 vote(s)
Feedback
Print
Re-Publish

Article Tags:

Credit Card Debt

,

Filing Chapter 7 Bankruptcy

,

Bankruptcy Attorney

,

Debt Free

,

Become Debt Free

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 561

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 304

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 289

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 301

Many people that are considering filing bankruptcy typically look at every alternative in an effort to avoid the process. There is so much bad press out there on the damage it does to one's credit

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall June 11, 2012 lViews: 177

Lately, the topic of filing bankruptcy has become commonplace in social circles. Everyone, rich or poor, probably has someone in their neighborhood that is filing bankruptcy and facing foreclosure.

By: Bob P Jonesl Finance > Bankruptcy Personall May 29, 2012 lViews: 173

Recently, the student loan crisis has made its way to the front and center of the media. Currently, the student loan debt in the United States has surpassed an incredible $1 trillion and with no end

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 163

If you are currently bankrupt we explain what happens if you receive an inheritance payment from a will or trust. As a bankrupt person, if you receive any kind of windfall, this money must be paid to

By: James Fallal Finance > Bankruptcy Personall May 24, 2012 lViews: 243

Ever since the economy turned south back in 2008, many Americans are facing severe financial woes. Many of these usually hard-working folks are now unemployed or have had to settle for a lower form

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 173

Bankruptcy isn't just caused by excessive shopping. Three of the biggest reasons Americans are filing bankruptcy are medical debt, job loss and unexpected expenses due to an act of nature.

By: Chris A. Harmenl Finance > Bankruptcy Personall May 21, 2012 lViews: 184

On the outside, these two topics seem to be completely opposite. In reality, they actually have a lot in common. When someone graduates from college, they're getting a fresh start on life and heading

By: Bob P Jonesl Finance > Bankruptcyl June 11, 2012 lViews: 163

Lately, the topic of filing bankruptcy has become commonplace in social circles. Everyone, rich or poor, probably has someone in their neighborhood that is filing bankruptcy and facing foreclosure.

By: Bob P Jonesl Finance > Bankruptcy Personall May 29, 2012 lViews: 173

Recently, the student loan crisis has made its way to the front and center of the media. Currently, the student loan debt in the United States has surpassed an incredible $1 trillion and with no end

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 163

Ever since the economy turned south back in 2008, many Americans are facing severe financial woes. Many of these usually hard-working folks are now unemployed or have had to settle for a lower form

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 173

When an individual is filing bankruptcy the most important thing to keep in mind is to be completely honest with their bankruptcy attorney from the very beginning. The bankruptcy attorney is a

By: Bob P Jonesl Finance > Bankruptcy Personall May 09, 2012 lViews: 157

There are a few choices for individuals who are in a financial crisis to reduce or eliminate their debt. There is debt consolidation which requires the individual to take out a loan to cover all of

By: Bob P Jonesl Finance > Bankruptcy Personall April 20, 2012 lViews: 143