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.
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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.
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