I would just like to write a post on the big leap – filing for bankruptcy. To some it is a big leap to others it is a very natural step. The key to thinking about whether or not YOU should file for bankruptcy is to really take an objective view of the situation. Think about if for one minute: can you really pay off that debt that you have accumulated? If your balances are growing and you are only paying the minimum payments and your interest rates have risen then chances are filing is the intelligent choice for you. Unless you have some job prospect that will immediately increase your pay, chances are your finances are not going to change to the extent that you will magically pay off all that debt. So for those folks, filing may be the best answer.

In summary, when it comes to whether or not to file bankruptcy or not, you need to take an objective look at your finances. Perhaps even a friend could give you some advice. The worst case scenario, is to just let things remain as they are. Because things will only get worse and you will lose time – time you could have used to rebuild your credit and your financial future.

When you file for bankruptcy, you literally wipe away all your old unsecured debts. That means that your life can be FREE from credit card debt once and for all. That is pretty powerful.