Once again, the Christmas season is coming upon us and corporate America is gearing up their ad campaigns as well as store displays to get a piece of the action.
Every year many Americans find themselves charging themselves into oblivion during the Christmas season.
Creditors make more credit available during this time so they can capitalize on this spending frenzy.
Most people just figure that they can charge it and pay for it later.
The only problem is most Americans are already so far in debt adding to their balances might push them over the edge into filing bankruptcy.
While Christmas is the season of joy, the side that most people don't talk about is dark.
When individuals have available credit, many of them will use what they can't afford to pay back to have one more good holiday and then will buckle down and become debt free.
This process is nothing more than kicking the can down the road as Americans spend themselves into bankruptcy.
The average American at the end of 2011 had $16,000 in credit card debt.
I'm sure this number is much higher now coming into this season.
While $16,000 doesn't sound like a lot of money, over the last 10 years the average income for an American is around $35,000 a year.
When the debt of this group is going up, their incomes are going down every year.
This is creating a New Year's Eve cocktail for disaster.
As another year winds down, traditionally Americans spend this time of year to count their blessings and share with their friends and families by giving.
This is noble for people to express their love through gift giving, but not when it comes at such a cost.
Looking at the big picture we need to remember what's really important and that it's the thought that counts not the price of a gift.
After Christmas, most people who overspend will have credit remorse when their bills arrive in the mail.
As 2012 winds down, we will usher in 2013 with many New Year's resolutions of grandeur ideas of becoming debt-free.
For some individuals, filing bankruptcy not only might be their only option but there best option.
Filing Chapter 7 bankruptcy is fitted for this type of debt.
In Chapter 7 bankruptcy all unsecured debt is wiped out in the bankruptcy discharge.
The only thing that the consumer needs to worry about is to not appear that they had a blowout of a Christmas with the intention of filing for bankruptcy immediately after.
A bankruptcy attorney would probably have the person wait to file, so it is not perceived as fraud.
This is an area that should be discussed with a bankruptcy attorney.
Typically, a bankruptcy attorney will tell the debtor to stop charging 90 days prior to the filing while continuing to make good faith payments on it.
Using a credit card right up to the date of the bankruptcy filing, could end up in some allegations being brought up against the debtor by the creditor.
Nothing is wrong with filing bankruptcy, but it needs to be done honestly and with integrity.
Every year many Americans find themselves charging themselves into oblivion during the Christmas season.
Creditors make more credit available during this time so they can capitalize on this spending frenzy.
Most people just figure that they can charge it and pay for it later.
The only problem is most Americans are already so far in debt adding to their balances might push them over the edge into filing bankruptcy.
While Christmas is the season of joy, the side that most people don't talk about is dark.
When individuals have available credit, many of them will use what they can't afford to pay back to have one more good holiday and then will buckle down and become debt free.
This process is nothing more than kicking the can down the road as Americans spend themselves into bankruptcy.
The average American at the end of 2011 had $16,000 in credit card debt.
I'm sure this number is much higher now coming into this season.
While $16,000 doesn't sound like a lot of money, over the last 10 years the average income for an American is around $35,000 a year.
When the debt of this group is going up, their incomes are going down every year.
This is creating a New Year's Eve cocktail for disaster.
As another year winds down, traditionally Americans spend this time of year to count their blessings and share with their friends and families by giving.
This is noble for people to express their love through gift giving, but not when it comes at such a cost.
Looking at the big picture we need to remember what's really important and that it's the thought that counts not the price of a gift.
After Christmas, most people who overspend will have credit remorse when their bills arrive in the mail.
As 2012 winds down, we will usher in 2013 with many New Year's resolutions of grandeur ideas of becoming debt-free.
For some individuals, filing bankruptcy not only might be their only option but there best option.
Filing Chapter 7 bankruptcy is fitted for this type of debt.
In Chapter 7 bankruptcy all unsecured debt is wiped out in the bankruptcy discharge.
The only thing that the consumer needs to worry about is to not appear that they had a blowout of a Christmas with the intention of filing for bankruptcy immediately after.
A bankruptcy attorney would probably have the person wait to file, so it is not perceived as fraud.
This is an area that should be discussed with a bankruptcy attorney.
Typically, a bankruptcy attorney will tell the debtor to stop charging 90 days prior to the filing while continuing to make good faith payments on it.
Using a credit card right up to the date of the bankruptcy filing, could end up in some allegations being brought up against the debtor by the creditor.
Nothing is wrong with filing bankruptcy, but it needs to be done honestly and with integrity.