Last year, 1.3 million Americans had to file for bankruptcy as a way to get out of debt. Today, you can't turn on the radio or TV or even answer your phone without hearing some kind of advertisement regarding debt settlement, debt consolidation, debt elimination and even filing bankruptcy. Bankruptcy has become a common solution for debt elimination and rightfully so as it is the only process that is backed with the power of the US legal system.
There are many reasons why an individual would have to file for bankruptcy, but over the last 10 years it has been changing. In the past, the common reasons for filing bankruptcy were much simpler and obvious like, an illness that caused loss of employment and left large medical bills, the loss of a job and one that is more common now, a family breakup ending up in divorce. Although, these reasons still exist, they have been complicated with Americans carrying a larger amount of debt.
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Back in the 70's, the credit card industry was just warming up, but it was still common for Americans to still use cash to buy stuff. As the years went on, the credit industry kept pushing for a cashless society by using credit. Now, the consumer debt in the US is 22 times larger than when Jimmy Carter was president back in the 70s. They have sold this idea of why should you wait for something you want when you can have it now by charging it. Because of this the national debt is 5000 times larger than it was at the time of the creation of the Fed. As Americans we need to get back to the values of our grandparents, who knew the true value of a dollar and how to save. Back in the day it was normal for people to live debt free lifestyle. Since the credit revolution, it has become next to impossible to live without credit.
As the economy continues to crumble and the US government continues to spend itself into oblivion, individual Americans need to take responsibility for their personal future and do everything they can to become debt free. For some it will be harder than others, because of the unavoidable obligations like a mortgage. Everyone needs to put a roof over their head, so this is debt that is a necessary evil. If you're not making a mortgage payment, unless you own your home outright, you will have to pay rent.
On the bright side an individual can always file for bankruptcy to eliminate their debt if necessary. If the debt is small, it's best to dig deep, stop spending and pay that debt down to nothing. In today's society, the situation is rare as the average American now has $16,000 in credit card debt. It's next to impossible to pay this amount of credit card debt off with the average income of most Americans. For people in this situation they should consider talking with a bankruptcy attorney about filing for bankruptcy. For someone with a large amount of unsecured debt, filing Chapter 7 will eliminate it all that could possibly leave the person virtually debt-free. In these uncertain economic times people need to buckle down and prepare for the possible storm that is coming.
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