Do you feel you should be able to file bankruptcy on Credit Card Debt?
By Bayleigh
@Bayleigh (141)
United States
December 20, 2006 5:53am CST
Are you one of the millions in the world who have filed bankruptcy because of over spending? bad money management? It seems legit enough for a business to go bankrupt, but an individual who has just been on one too many shopping spres? I dont really agree. This stems from a particular person that I know who has filed 2 times. Not only was she unable to control her spending one time, she failed 2 times, and still gets offers for new credit cards within months of filing. Now, if you have filed once and have shown that you cannot support the line of credit that was given to you then why would companies offer you more lines of credit? I cant get any type of credit due to late fed student loan payments. Im in default, and they dont budge! But yet, get a few credit cards for personal spending and hey if you cant pay for it, file bankruptcy and we will give you more credit you cant afford! I cant file bankruptcy on the student loan, and because Im behind it will stay on my credit report until its paid off, but cant get it paid off because each day it grows! Even though Im making the payments when I can with what money I can, its accumulating beyond ever getting it paid. I owe $3,000 more than what I borrowed just from getting behind. I got behind from not working after back surgery. But yet there is no relief for me on what I owe. I dont think I will ever get it paid off, unless I come into a large sum of money (very unlikely) but yet so many people in the world shop til they bloddy drop and can get forgiven for it.
Does anyone agree with me?
3 people like this
14 responses
@bridgeb (23)
• United States
20 Dec 06
No I do not, I feel that if you charged it, you should pay for it.
Too many people use & abuse credit. What happend to the thinking that if you don't have the money, you save for it. In my opinion we live in a charge happy world and eventually it is going to cause much trouble and pain for folks.
I do not use charge cards. The really sad thing is that if you don't use them it actually hurts your credit rating. But then again, if you save for purchases do you really need to be worried about your credit score?
1 person likes this
@Bayleigh (141)
• United States
20 Dec 06
Thats what I do, I save up for it, or I atleast make sure that if I can manage to get some credit somewhere, that I stay on top of it and know that I can make the payments on it. There is not worse feeling than financial debt and stress. You cant make money appear, and you cant make someone give you a job if you happen to lose the one you have.
Yes I think your credit score matters a lot. Many employers now are checking your credit for employment purposes, and that doesnt help when you need money to pay your debts off! So that is a catch22, cant win in that situation.
1 person likes this
@4monsters4me (2569)
• United States
21 Dec 06
Well, if we had to save up for everything we buy we would have nothing. My husband doesn't make that much money. We went a whole year without furniture. We still have no kitchen chairs (not important to us right now). We sat on the living room floor to eat and watch TV and it was killing my back but we couldn't afford a couch. Our kids were sleeping on toddler beds or the floor because we couldn't afford to buy them all new beds. Every cent my husband earns goes to paying bills. There is no extra to save for anything. Finally I gave up waiting to have the money and we used the credit cards to get beds for our girls and couch. If we hadn't used the credit cards we would still be sitting here on the floor and both me and my husband's backs would be even worse off (causing us to have more medical bills and him missing more work and in turn losing more money).
Actually we wouldn't have anything in our house really. Almost everything we own was bought with a credit card. We are still paying stuff off we bought in 1999. Life sucks when you are poor.
@mygreyparrot (1461)
• United States
20 Dec 06
It kind of bugs me that people can spend all that money then write it off like that. I will never file. I know I'm in CC Debt, but I believe in repaying it. I spent the money afterall. I work hard to try and pay off my debts, so should everyone else. Oh, and they usually end up back in debt within years.
@chintoosk (445)
• India
20 Dec 06
i really dunno ... sorry......i am a guy who doubts e-shopping in the first place
@chenjun_yao (814)
• China
21 Dec 06
Credit card maybe tested out your control ability. You should know what's you need or no? Or you will fall into the trap of merchant.
@becauseuneedtoknow (45)
• United States
21 Dec 06
I agree with what you are saying. I have a friend who has done the same thing. My credit is not very good at the moment, because i decided to go into a program to pay off my credit cards, since they would not go down due to the intrest! My friend has better credit than i do too. It makes me wonder if sucking it up, and paying what you owe is the right way to go. When you can just say hey o well, and just start over. I racked up credit cards, trying to finish my degree after my son was born. I had to wait for a court for child support, and the money had to come from somewhere. Now, i am close to paying back everything after 3 1/2 years of hard work and paying for everything in cash. It was a hard lesson, but it makes me wonder if it was even worth learning sometime.
@vipul20044 (5794)
• India
20 Dec 06
Well the companies will never rest in peace but i dont understand if you know the limit if you can control it how come you can get bankrupt
I know my last credit card transaction when i bought an Ipod and am siriously regretting as till the date am paying for it
@BrendaA (365)
• United States
20 Dec 06
There are people who need credit just to make ends meet. They live on the edge so to say. If things go worse and they cannot pay back the credit card I think they should have the option of filing. After all look at the interest rates the credit card companies charge. They make alot of money
@Juliephine (286)
• United States
21 Dec 06
I hear ya! It can be frustrating to have others be so careless and watch them "get away with it". My suggestion for your fed loan would be to speak to a bank or other lender and see if you can get the loan with them at a fixed interest rate. That way you could pay off the fed loan and the penalty interest would cease to accumulate. You may get a lower payment amount per month as well. Many lenders would be understanding if you explain your situation and how you fell behind. As long as it's the only flaw on your credit report, you should stand a chance. Good luck!
@thisisrightnow (537)
• United States
20 Dec 06
I'm in debt by $1,000 cause of my credit card, but I am going to go to CCC (Credit Counseling Corporation) to get that all taken care of. They'll waive the late payment and over the limit fees for me, which will be nice. But after that, I am not getting another credit card. They are bad news. I'm going to pay off my old checking account debt and then get another one. Those are SO much easier to manage.
@Khokhonut (702)
• United States
21 Dec 06
I think it all depends on the circumstances that led to the credit card bills.
If the person just couldn't live without the newest, best things, that is just ignorant.
But if a series of things went wrong (truly worng, health problems, loss of job, etc.), that led to that debt some things can't be avoided.
And you should FOR SURE learn the first time.
@cowboyzfan (718)
• United States
21 Dec 06
What it all boils down to is that you just have to spend what you can. Stops getting stuff you don't really need and watch your money!
