In the past, our grandparents prided themselves of living being completely debt free. Since the creation of the Federal Reserve, banks have expanded as the Fed has pushed money into the economy to allow them to loan it to American citizens. As money got tighter, the Federal Reserve would push out more. Banks now had the money to loan to the American people so every person could own a home and an automobile. Initially the only debt that most people would have would be that of a mortgage and possibly a car loan. People were still staying virtually debt-free until plastic was created. Prior to credit cards, the stores had layaway plans where a person could come in and put a deposit on an item to hold it. They would come in and make payments on the item until it was paid in full and at that time take it home. I remember as a child my family getting their first TV on layaway. It was an exciting day when the final payment was made and we were the proud owners of a television set. Then in the 1970s credit cards were pushed into American culture and the idea of why wait when you could charge it and have it now. This is when the idea of staying debt-free was blown to pieces.
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When the economy almost imploded in 2007, many Americans woke up to the facts of what we have become financially. People like Dave Ramsey came out and spoke strongly of how Americans should get out of debt and be beholden to nobody. Now, Americans are buried under a mountain of debt and have no idea how to get out without filing for bankruptcy. It seems that becoming debt-free is a thing of the past and no longer possible. Well, that is not necessarily true and people can eliminate their debt but for some it will be a larger task.
For someone that has a large amount of unsecured debt, filing Chapter 7 bankruptcy might just be what the doctor ordered. In a Chapter 7, all unsecured debts can be included in the bankruptcy discharge including, credit cards, personal loans, payday loans and medical bills. This is huge for someone who overindulged on their credit cards over the last 10 years. Creditors were quick to give everyone and anyone credit prior to the collapse of 2007. It was no surprise to hear of people having $100,000 limits on their credit cards. It didn't take a rocket scientist to figure out what would happen to these people. For these individuals, a quick trip to a bankruptcy attorney could start the process and turn their life around.
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