For some reason, many people believe the myth that people will go bankrupt just because they have a lot of loans. Bankruptcy has nothing to do with paying debts, it generally has to do with one’s income being too high. If someone had to pay their debts and did not have enough income to do so they could become bankrupt.
Would you be happy to be without debt problems? If you don’t have the money to pay your debts, the stress is a bit unnecessary.
Do you want all of your debts cleared
Consolidation can be a good thing, but what is good for one person’s abolished. The home mortgaged, the cars, the large TV’s, that plasma tv. If you realize that sometimes you have to become a little bit more creative and crazy, ways of buying what you want are not the way to go. It took me to realize just how much I just wanted to keep doing what I wanted to do and not having to work for it. When I got a serious part of my life, I realized that the reason I had major money problems was that I had bought a new migration car which I had bought on credit, and I was spending more money than I was earning. I was in a situation where there were large monthly payments due and also other items such as high-interest credit debt and medical debt.
I noticed that the car dealers were only interested in me if I paid interest through their finance. I had not purchased a car from a local dealer but had gone to one of the larger ones. Did he offer me the possibility of buying from the dealer from the comfort of my own home? I had done this so that I could eat more fresh fruit and vegetables, and feel that I was not being treated like a second class citizen because I did not have a car and therefore had no costs to pay. The ‘pay for delete’ scams are now in full swing, where people will not only demand the deletion of the account on the credit report, they will also make it very difficult for the individual to get any credit products. The other reason I had removed all my old correspondence from the collection companies was that I had been banned from buying anything on the world wide web!
I could go out tomorrow and try and get another credit card, which I did. But I should not be allowed access to so much credit until I can prove that I can provide a reliable source of income.
Check out my other financial tips on my blog: