There’s no denying the fact that having large credit card debt can be extremely traumatic and stressful. It’s also humiliating. According to research, the most embarrassing thing that you could be asked on a first date is not your age or your bank balance, but your credit card debt.
The survey was conducted by the National Foundation for Credit Counseling, and underscores just how traumatic the issue of credit card debt is for many Americans. About 7% of the respondents said that questions about their credit card debt would be the most embarrassing questions that they could possibly be asked on a first date. About 30% said that questions about their credit rating would be the most mortifying, followed by questions about weight accounting for 12% of the respondents, and bank balance accounting for 10% of the respondents.
Debt-related embarrassment is not a new phenomenon in the United States. Americans have been addicted to their credit cards for decades now, and many economists have predicted that the next major bubble to burst will be the credit card one. Although statistics show that Americans have recently become a little more responsible about managing their credit card debt and making payments diligently, the number of persons walking around with humiliating amounts of credit card debt is still far too high. According to data, the total level of consumer credit has only dropped once during the early 2000’s financial crisis. During most other times, the total consumer credit, or the amount of money that people borrowed, has actually increased.
Credit card debt is one of the easier types of debt to discharge in a bankruptcy. If your credit card debt has become so unmanageable that you are unable to make your monthly payments anymore without it dramatically affecting your life, then bankruptcy could be the answer.
However, bankruptcy is not the only option available to you. Before you go ahead and file for bankruptcy because of your credit card debt, check if you have other options to manage your debt. Speak to your credit card provider about a repayment plan. Bankruptcy is a major step. Sometimes , a debt settlement plan can help you navigate your way out of credit card debt without the need to go the bankruptcy route.