Tuesday, May 30, 2023

Using Credit Cards on Vacation Can End Up in a Bankruptcy Filing

While a family vacation can be a fun and memorable time, those who spend more than credit card expenses can find themselves in a bankruptcy filing before they know it. Over the past 40 years, consumers have become obsessed and addicted to using credit cards, especially during the summer holidays. Many people who are filing for bankruptcy now will take the attitude that they will have another great five star vacation and file next year. In today’s society spending beyond one’s means is given high priority. In the past, the attitude was that it was the time spent together vacationing as a family, no matter how much the trip cost. Most parents buy their kids just about whatever they ask for nowadays and this also applies to the lavish trips that the family takes. In the past, parents would save for years and take that vacation to Hawaii they’ve always dreamed of. Now why wait when you can charge it all up to their Mileage Plus card and bring the whole family too. When the housing market was red hot, many Americans were borrowing on the equity in their home to live like a rock star and travel the world. By now everyone in the world knows how this current lifestyle ends and it is not good.

The good news is that filing bankruptcy may be just what the doctor ordered to put these mistakes behind you. Filing Chapter 7 bankruptcy will wipe out credit card debt that has built up over the years. Now one does not have to worry about creditors calling for minimum payment. We are in deep trouble as a country because the government is running a continuous deficit. Currently, the US has a deficit of $1.1 trillion each year which continues to grow. As they exhort us not to charge and not to save, they continue to squander our grandchildren by putting them in debt. Right now, the US debt has now crossed $16 trillion and is growing every day. Our politicians need to lead by example and stop spending so much. Individuals who are tired of being in debt should consider speaking with a bankruptcy attorney to see if a bankruptcy filing They may find their way out.

There is nothing wrong with filing bankruptcy as long as we learn from our mistakes. This is what it was created for and many corporations exercise their right to file bankruptcy every year to restructure and eliminate bad debts from the past. Americans need to go back to the values ​​or grandparents taught us to save and not live beyond our means. Sometimes it takes a bankruptcy filing for us to wake up and realize the danger that credit card debt brings.

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