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Do You Need to File for Bankruptcy? The Psychological Signs to Look For

Posted By admin || 10-Feb-2012

Do You Need to File for Bankruptcy? The Psychological Signs to Look For some reason, bankruptcy has earned a tarnished reputation; as a result, many people fear getting the debt relief they need by filing for a Chapter 7 or Chapter 13 bankruptcy . They continue to throw their hard-earned money at mountains of debt, despite the fact that the mountain isn't getting any smaller. They think that with faithful attempts at debt repayment, they'll eventually come out clean, with a new future of financial solvency ahead of them.

However, this isn't the reality of debt; in fact, credit lenders often make it impossible to get out of debt. If you're only paying the minimum payment on your credit cards, you are looking at a repayment period of decades - meaning you may not even live to see the day when you have zero debt to your name.

So what are the psychological signs that you need to file for bankruptcy?

It's Affecting Your Health

Financial stress has an uncanny habit of messing with our health - and if you're struggling to pay off a mountain of debt, there is no denying that your finances can be adversely affecting your health. Stress from poor financial situations can manifest itself in a number of ways, with the more severe ranging from chronic sickness to the development of various stress-related diseases. Don't like your burden of debt rob you of your good health; instead, declare bankruptcy and get the relief you need.

You Can't See An End In Sight

As previously mentioned, credit card bills and other debts are specifically designed to take you as long as possible to pay off that debt. This way, the lender makes as much money off of interest as possible. Need an example to drive this point home? Let's say that you have a $2,000 debt on a credit card with an interest rate of 30% (credit card lenders are allowed to raise interest rates this high if you're late with just a single payment). If you only make the minimum payment each month (which will average out to about $125 per month), you'll be paying off the card for the next twenty years.

Suddenly, that tiny $2,000 credit card debt is starting to look more like a mortgage!

If you're feeling stressed, depressed or frustrated by your endless debts, don't let them rob you of your good health. Take back your financial future by talking to an experienced bankruptcy attorney today.

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