When you fail to pay off your credit card debt, filing bankruptcy can be the fastest way for you to become debt free.
However, in my personal point of view, it is an irresponsible deed.
You can dig yourself out from debt easily but there are many consequences waiting for you.
You need to bear in mind that the effects caused by filing bankruptcy are worse than the effects caused by other financial solutions.
Before you make your final decision, you are advised to make the justification carefully.
Nowadays, many employers are concern about their new employees' creditability.
They normally request the new staff to submit their credit reports before confirming their employment.
When you declare bankruptcy, this action will be reported in your credit file and the statement will be remained for 10 years.
If you are looking for a new position or you are seeking for better job opportunities, you may face some difficulties.
You will portray a poor image to your new employers in the future, especially if you are looking for jobs related to finance.
At the same time, your chances to be promoted may be reduced too.
Besides your employment, you may find difficulties in obtaining financial assistance in the future.
Once you have declared bankruptcy, your credit score will be badly affected.
You will have a hard time to obtain new loan.
If you are expecting to get study loan, housing loan, auto loan or even credit card, I am sure your application will be rejected directly.
Being a responsible card holder, you should not avoid yourself from paying back your outstanding balances.
You should face your lenders with full courage.
Since you are having financial hardship, you should inform your creditors honestly and request them for debt reduction.
You are advised to propose a settlement amount which you can afford to pay.
Try your best to bargain with your creditors so that you can reduce 50%-60% of your total debt.
At the same time, you are reminded to negotiate with your creditors to remove all the negative items from your credit file.
If you don't have confidence to settle your debt with your creditors, let the professional settlement company to assist you to get the best deal.
To sum up, when you are drowning in deep credit card debt, it is better for you to negotiate with your creditors to request for debt reduction rather than declaring bankruptcy.
However, in my personal point of view, it is an irresponsible deed.
You can dig yourself out from debt easily but there are many consequences waiting for you.
You need to bear in mind that the effects caused by filing bankruptcy are worse than the effects caused by other financial solutions.
Before you make your final decision, you are advised to make the justification carefully.
Nowadays, many employers are concern about their new employees' creditability.
They normally request the new staff to submit their credit reports before confirming their employment.
When you declare bankruptcy, this action will be reported in your credit file and the statement will be remained for 10 years.
If you are looking for a new position or you are seeking for better job opportunities, you may face some difficulties.
You will portray a poor image to your new employers in the future, especially if you are looking for jobs related to finance.
At the same time, your chances to be promoted may be reduced too.
Besides your employment, you may find difficulties in obtaining financial assistance in the future.
Once you have declared bankruptcy, your credit score will be badly affected.
You will have a hard time to obtain new loan.
If you are expecting to get study loan, housing loan, auto loan or even credit card, I am sure your application will be rejected directly.
Being a responsible card holder, you should not avoid yourself from paying back your outstanding balances.
You should face your lenders with full courage.
Since you are having financial hardship, you should inform your creditors honestly and request them for debt reduction.
You are advised to propose a settlement amount which you can afford to pay.
Try your best to bargain with your creditors so that you can reduce 50%-60% of your total debt.
At the same time, you are reminded to negotiate with your creditors to remove all the negative items from your credit file.
If you don't have confidence to settle your debt with your creditors, let the professional settlement company to assist you to get the best deal.
To sum up, when you are drowning in deep credit card debt, it is better for you to negotiate with your creditors to request for debt reduction rather than declaring bankruptcy.
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