Don’t be a debt slave to huge corporations- file Bankruptcy and don’t feel bad for the credit card companies
June 28, 2010 Leave a comment
I will be blogging more about this later because I believe so strongly in this. Most of my clients express some kind of remorse for their inability to pay their debts. They not only feel like they have failed but they feel like they are obligated to pay these debts and they don’t want to not honor their obligations to these creditors.
To that I say to them to remember that most debts are for credit cards and these creditors are gigantic corporations. Most are among the largest corporations in the world. They each have what amounts one of the most profitable business in the world. There is very little overhead and they charge exorbitant interest rates to lend money that they borrow at very low-interest. Then when you behind in your payments they jack up your interest rates to 20% to 30% and then they really make money off of you.
If you watch the documentary “Maxed Out” you see that the debtors who are paying these very high rates are the ones that the creditors make most of their profits off of. According to the movie the credit card companies in fact seem to want these people to get into debt, get behind, and stay behind so they can continue to make these ridiculously high profits off of them. These people ,who are suffering with this very great debt, are the credit card companies favorite customers.
Credit card companies appear to want lifetime debt slaves. In the movie they go into detail about how many people tragically commit suicide after running up these hug debts they cannot pay. Don’t be one of these people! Don’t feel bad for these huge corporations and don’t be a debt slave. Bankruptcy itself was created to prevent people from falling into this trap. We no longer have debtors prisons. You will not be jailed for owing this debt so free yourself and file bankruptcy if you have debts that you cannot pay back. Also certainly don’t waste any time feeling bad for these corporations who, in my opinion, are out to enslave you!
Check back for more blogs on the movie “Maxed Out” and more blogs on the history and creation of Bankruptcy as a means of escaping debt slavery. Remember that forgiving indebtedness has been around since at least Old Testament biblical times.
I am a San Diego bankruptcy attorney. For more information please visit my websites at www.farquharlaw.com or www.freshstartsandiego.com. Or call my office for a free consultation at (619) 702-5015. For a free e-book: “13 THINGS YOU SHOULD DO TO PREPARE FOR YOUR BANKRUPTCY FILING” please send a request by e-mail to: firstname.lastname@example.org.