Most Americans today are in some kind of rut. Whether it be addicted to television, the Internet, sports or even debt. Debt has become very addictive as many Americans continue to keep up with the Joneses. Around 40 years ago people used to save money and make purchases by using cash. When the credit industry started pushing out credit cards in the 1960s many Americans embraced them as if they were getting free money. This generation learned of the perils of debt quickly as they could not afford to keep paying on credit way beyond their income. In the old days, when a person was over extended, the creditor would cut up the card in front of the consumer and everyone else in the store. From what I understand, it was very humiliating and humbling for this generation that never had credit before in the past. Because of pride most of these people worked years to pay these debts back instead of filing bankruptcy. Back then, filing bankruptcy carried a mark of shame that no one wanted stamped on their forehead.
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Now that many generations have passed, credit is more American than apple pie. That is at least most people believe it is impossible to live without it. With this logic comes an added fear when debt becomes overwhelming and a bankruptcy filing is on the horizon. At some point in time, debt left unchecked will always outweigh one's income and cause mountains of stress and anxiety. In today's fast-moving economic world, the fear of losing credit causes tunnel vision for those considering filing bankruptcy. At first, a person will usually continue kicking the can down the road to keep their credit cards open. All it takes is something small like their car to break down and payments begin to get missed. This is the point in time when filing Chapter 7 bankruptcy starts to look real good. Nowadays, creditors have become very aggressive on their collection tactics. When someone doesn't have the money to give them, they have been known to demean the individual with threats of what will happen to them. This is the time they should be calling a bankruptcy attorney but usually hang on until they can no longer take the stress of the constant bombardment of creditors calls.
Nothing is wrong with filing for bankruptcy. No one is perfect and everyone has made bad financial decisions in their past. The difference for some is their income does not allow them to make any financial mistakes and recover from them. People filing bankruptcy will no longer need to worry about creditors as the court puts a stop to all collection activity. This is the time when the family can get peace of mind knowing that all their debts will be wiped out in the end. In this day and age of families falling to divorce, husbands and wives need to stick together knowing that things will get better if they just give it enough time. Stress makes many people make rash and foolish decisions and that's why it's important when someone's finances start spiraling out of control to seek professional advice and break the chain of debt that is and will destroy their family.
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