Keeping credit card is no more considered as a status symbol because in this time of economic break down, it is being used as a necessity.
People are not able to meet up their ends without the help of plastic money.
The low wage rate and frequent lay off from jobs have made people unable to come across with their expenses easily.
The credit card issuing companies and banks are very sharp people; they hide many things from the card holders like, hidden charges, late fee charges and other heavy penalties due to which a person faces many problems at the time to paying back the amount.
Bad financial conditions have made people disable to pay back the dues but the lenders are least concerned with this problem of people.
They simply want to get back the amount, which they have issued them at the time of their financial need.
In order to recover the amount, the lenders pressurize the people and to get rid of this strain, majority of them think to file for bankruptcy.
It is true that bankruptcy brings quick relief in the burden of liabilities but, its future consequences are not good.
A person has to suffer a lot in terms of bad and negative credit report.
Bankruptcy is purely a loss from both the parties' end and that is the reason why the new changes have been introduced in its laws.
These amendments are basically done to bring down the ratio of insolvency.
The new laws are made more difficult, time taking and expensive.
It is not wrong to say that new changes in the laws of bankruptcy are made to encourage the people for the debt settlement deal.
While on the other hand, the laws of debt settlement have been made easier so that large number of people can opt for this method easily.
Apart from the easiness, the new changes have also made this process more genuine and legitimate.
The new laws of debt settlement clearly specify that the company is not bound to ask the service fee in advance, the company is liable to take the fees only when they handle the case successfully.
Besides this, the laws also mention that now, people with the liability amount less than ten thousand dollars can also apply for the settlement deal.
The new laws of debt settlement have really helped the people in getting rid of their debts in more genuine and reliable ways.
People are not able to meet up their ends without the help of plastic money.
The low wage rate and frequent lay off from jobs have made people unable to come across with their expenses easily.
The credit card issuing companies and banks are very sharp people; they hide many things from the card holders like, hidden charges, late fee charges and other heavy penalties due to which a person faces many problems at the time to paying back the amount.
Bad financial conditions have made people disable to pay back the dues but the lenders are least concerned with this problem of people.
They simply want to get back the amount, which they have issued them at the time of their financial need.
In order to recover the amount, the lenders pressurize the people and to get rid of this strain, majority of them think to file for bankruptcy.
It is true that bankruptcy brings quick relief in the burden of liabilities but, its future consequences are not good.
A person has to suffer a lot in terms of bad and negative credit report.
Bankruptcy is purely a loss from both the parties' end and that is the reason why the new changes have been introduced in its laws.
These amendments are basically done to bring down the ratio of insolvency.
The new laws are made more difficult, time taking and expensive.
It is not wrong to say that new changes in the laws of bankruptcy are made to encourage the people for the debt settlement deal.
While on the other hand, the laws of debt settlement have been made easier so that large number of people can opt for this method easily.
Apart from the easiness, the new changes have also made this process more genuine and legitimate.
The new laws of debt settlement clearly specify that the company is not bound to ask the service fee in advance, the company is liable to take the fees only when they handle the case successfully.
Besides this, the laws also mention that now, people with the liability amount less than ten thousand dollars can also apply for the settlement deal.
The new laws of debt settlement have really helped the people in getting rid of their debts in more genuine and reliable ways.
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