Bankruptcy and other Credit "Blemishes"

Monday -February 20, 2006

 

Weston, Florida

 

Have you been watching the Olympics?  I find the telecasts to be fascinating.  But I'm not talking about the athletic stuff (actually, I find most of the ice dancing, luge and other obscure sports kinda boring).  Nope, I'm talking about the commercials.

 

In particular, I'm obsessed with the credit card commericals. 

 

Why?   Well, as someone who specializes in helping people with bad credit, including those in bankruptcy and foreclosure, I find the credit card commercials a little upsetting.

 

Credit card debt is out of hand in this country.  Under the current rules, it's shockingly easy to run up massive amounts of credit card debt that can never be paid off!

 

Two days ago I consulted with a potential client, "Stav" (name changed for privacy concerns).  Stav had filed a Chapter 13 Bankruptcy two years ago. (A Chapter 13 is where you enter into a payment plan to repay your creditors - a Chapter 7 Bankruptcy is where you walk away from all your debts, discharging them completely.)

 

I asked Stav what led to his bankruptcy.  He told me he moved from another part of the state to take a job in Broward County.  Along the way, he told me he bought a home but had racked up some debt in the move.  How much debt?  $100,000.

 

One Hundred Thousand Dollars!  And this is a guy who makes a decent, but not outstanding, salary. 

 

I realize that the credit cards didn't spend themselves...Stav used them in an irresponsible manner.  But I can't help but wonder how the credit card companies allowed this to happen?  Lending more and more, extending more and more credit.  They're not without guilt!

 

So now Stav has been in a Chapter 13 Bankrupcty Payment Plan for two years, his credit is ruined.  It's hard to get a car loan (forget about a getting a decent rate!) making his payments and paying his price for his past transgressions.

 

I help clients like Stav pay off their Chapter 13 payment plans early, sometimes saving more than $1,000 per month and more than $20,000 over the life of their plans.  For more information, check out our Free Report, "How to Beat a Chapter 13" available on our website, www.FloridaLoanAdvice.com.

 

I'm not defending Stav's past behavior. He's not either.  My point - Stav is to blame, but he could not have created this mess without an accomplice - the credit card companies.

 

-Andy

 

P.S.  I have other Free Reports available, such as "9 Dirty Little Secrets the Credit Card Companies Don't Want You to Know" - also available on www.FloridaLoanAdvice.com.  Take a look!

Andrew Lockwood, JD.
Host - "The Best Damn Real Estate & Mortgage Show, Period!"

 

Blackacre Lending Corp.
Tel:  954.236.4500
Fax: 954.236.6878

 

Free Reports From a National Mortgage Expert:
www.FloridaLoanAdvice.com