“You can’t borrow yourself out of debt”
Credit card debt is considered an unsecured consumer debt. As it accumulates and penalties are reported, credit rating agencies start to file such accounts as “in default”. Account holders who can avoid bankruptcy should request a reduction in their annual rate. In Quebec, this is definitely the most common debt due to interest rates. Surveys show that regardless of people’s efforts to pay down credit card debt, it is highly unlikely for most to do so, due to such high interest rates. The numbers show that the average Quebecer owes more on his credit card than he hopes to pay, therefore ignoring the consequences that stem from long term balances. This, in turn, causes people to incur increasing lines of credit that lead to unmanageable monthly payments. The current trend of overspending has shown that credit cards are being widely used to pay for necessities of life such as, food, rent, utilities, etc.
Don’t watch helplessly as credit card balances continue to grow pushing you deeper into debt. Bankruptcy is the only way to clear such overwhelming financial distress and start over. Imagine being free of debt , no longer losing sleep over mounting credit card balances and best of all: NO MORE collection agencies!
Procedure:
Those who file for bankruptcy are required to hand in all credit cards, to their trustee. It is necessary to report any and all credit card balances to ensure proper procedures in connection with your case and a prompt discharge of all your debts. If you don’t owe anything on your card(s), you don’t have to provide them however, some companies may cancel your card if they find out. In today’s competitive lending market, credit is usually made available to newly bankrupt candidates in the form of a secured card. Rebuilding credit after bankruptcy is a matter of obtaining your responsible hold on credit balances and payments. Treating your credit with respect and using it cautiously will help to improve your rating and rebuild your rightful place in the credit world.
In today’s competitive lending market, credit is usually made available to newly bankrupt candidates in the form of a secured card. Rebuilding credit after bankruptcy is a matter of obtaining your responsible hold on credit balances and payments. Treating your credit with respect and using it cautiously will help to improve your rating and rebuild your rightful place in the credit world.
Contact us today for a free consultation and get a second chance at a better life!
