Bankruptcy Can Relieve the Debt You’ve Been Carrying Since College
Colleges hold your future (and your tuition) in their hands, so you'd think they'd have your best interest in mind, right?
Surprisingly, no. College is where many people - yours truly included - start the downward spiral into credit card debt. Banks set up recruiting stations on campus to entice students to sign up for credit cards. It's where I got my second card sophomore year (I got my first the summer before college with the encouragement of my parents - gee, thanks Mom!). So why would the school allow such a thing? Because they receive a kickback when you use the card - and the more students who sign up, the more money they get. In some cases, the credit card company actually pays your college to provide a list of student names.
According to the New York Times, most college seniors leave with $2,500 in debt - and that's in additional to nearly $20,000 in student loans. Not exactly representative of the freedom mostly associated with graduation.
As you already know, life doesn't get any easier in the real world. There's the search for your first job, paying for a car, scraping together the rent and, eventually, buying your first home - it's not like there's a convenient little breather to catch up on the bills and start paying down debt. I know from experience.
If you've got growing credit card debt, chances are it's affecting your ability to pay other bills - your mortgage, your car loan, etc. You might not be able to control these debts, but by reducing your credit card balance, you'll have more cash available to pay them with.
We all make mistakes in our youth. Relying on credit cards was one of my biggest errors - and I imagine most folks can say the same. But instead of wishing for a do-over, why not get it right, once and for all?
Bankruptcy is often the most realistic way to find debt relief because it offers both protection from creditors and an affordable way to pay off your balance. And there are choices - Chapter 13 and 7 bankruptcy. A Chicago or Atlanta DebtStoppers attorney can identify the plan that best fits your unique situation and answer any questions you have about bankruptcy. Just sign up for our one-on-one debt analysis - it's free of cost and obligation.
It's never too late to stop learning. Who would have thought that the most important thing I'd learn from college came post-graduation - I learned that I can overcome anything, including debt.