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Rich or poor, people of every stripe experience financial difficulty
from time to time. Anxiety caused by financial problems is not a
distinguishing factor among US citizens today, however, choices made how
each individual responds varies greatly. Everyone should know how to
avoid bankruptcy. But unfortunately, far too many problems are simply
beyond personal control. Careful planning is the
key to success when avoiding bankruptcy, whether, using one of the many
bankruptcy alternatives today, or discharging debts with the assistance
of US Federal Courts. Most problems encountered when filing are
avoidable, and avoided with little cost.
Ways to avoid bankruptcy
Over the last 30 years, the US developed a dependency upon consumer
culture. Credit card companies flourished with each sequential rise in
the US economy. Interest rates doubled, and doubled again, until
reaching a staggering 34% APR for a few of the most egregious credit
card companies. $50 late fees are becoming common.
Any one who is paying minimum payments to maintain credit card
balances should carefully calculate the number of years required to pay
of credit cards making only the minimum payment. Then, after the initial
shock subsides, think about your options. To lower interest, avoid
bankruptcy, and maintain credit, many consumers resort to home equity
loans, consolidation loans, credit counseling, secured debt negotiation,
and contesting lenders and charges that violate state and federal laws.
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