Consumer debt is a fact of life, but too much credit card debt can be debilitating.  Many older GenZ’s and young Millennials unfortunately are in this position today.  Life is expensive and it’s hard to look good, pay for rent, and enjoy some kind of social life on incomes today.  Having large debt loads, means your at the mercy of the credit companies slapping on more interest every month, threatening collections and ruining your credit.

Bankruptcies are not the end of your financial future – they should be viewed as the beginning.  Once a bankruptcy has been completed, it will take only three years for it to be cleared.  After that, you will work to establish new, more responsible credit, and within another three years (six years in total) the bankruptcy is expunged from your credit all together.

Christine’s Tip:

Most people with a lot of debt suffer in silence, believing they can get ahead of it somehow by working more, waiting for a windfall, or even trying to ignore it, hoping it will in some way get better.  Let me tell you, if you are in this situation, you MUST take control and not allow the banks to continue eating away at your future while you languish in self-pity.  I know you want to pay it off somehow and that you really wish you could, but if this is not a possibility in the next twelve months, then I want you to suck it up, and declare bankruptcy.  I know this is not what your parents, friends or co-workers would advise, but sometimes this is the only way to stop the bleeding.  If you don’t take control, then the banks will – and this will not be the outcome you want.  Let’s face it, your credit is probably already ruined, and declaring bankruptcy or seeking a consumer proposal will make you face up to your situation, taking a stand to finally be responsible for it.  Now, there will be no free ride here when you do this.  Of course, some of the debt will need to be paid, but at least it will close down the credit cards, stops the interest charges and force a settlement with the financial institutions.